Singapore

The Securities and Futures Act 2001 (SFA) serves as the primary, foundational legislation of capital markets in Singapore, which was passed by the Parliament of Singapore and enforced by the Monetary Authority of Singapore (MAS). The Act came into effect in a phased manner in 2002, serving as a consolidated rulebook for regulating four key areas in relation to the country's capital markets: market infrastructure (for example, Singapore Exchange), capital market intermediaries licensing through the Capital Markets Services License (CMSL), public offerings of investments, and strict market conduct to deter insider trading or market manipulation. For the sake of high liquidity levels as well as protection of retail customers, the SFA calls for prospectus disclosure requirements along with safe harbor provisions in case of transactions of Accredited Investors (AIs) and institutional clients. The legislative regime remains highly flexible and adaptive to current needs of market trading, and its last major update took place on 29 June 2026 in the form of the Securities and Futures (Amendment) Act 2026, to establish the dual-listing Global Listing Board regime and expand the retail preliminary prospectus distribution system.