Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 10) Order 2000
- Act Code: TA1967-S374-2000
- Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Key Enabling Provision: Section 83 of the Trustees Act
- Enacting Formula: Made by the Minister for Law in exercise of powers under section 83
- Citation: Trustees (Authorised Unit Trust Scheme) (No. 10) Order 2000
- SL Number: SL 374/2000
- Date Made: 17 August 2000
- Commencement Date: Not stated in the provided extract (practitioners should confirm from the official publication)
- Current Version Status: Current version as at 27 March 2026 (per the legislation portal)
- Amendments: Not provided in the extract (check the legislation timeline for any amendments)
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 10) Order 2000 is a short piece of Singapore subsidiary legislation that performs a specific regulatory function: it formally designates a particular collective investment product as an “authorised unit trust scheme” for the purposes of the Trustees Act (Cap. 337). In practical terms, the Order is a legal gateway that allows a named unit trust scheme to fall within the statutory framework governing trustees and their investment powers.
Unit trust schemes are investment vehicles that pool investors’ money and invest it according to a stated strategy. However, not every scheme automatically qualifies for the legal treatment reserved for “authorised” schemes under the Trustees Act. This Order therefore matters because it determines whether a particular scheme is recognised by law as meeting the threshold for authorisation under the Act’s regime.
Although the Order itself is brief, its effect can be significant for trustees, fund managers, and legal advisers. Once a scheme is declared “authorised,” trustees who are subject to the Trustees Act may be able to treat the scheme as an eligible investment (subject to the broader conditions and compliance requirements that apply under the Act and any related regulations). The Order thus operates as a targeted designation instrument rather than a comprehensive regulatory code.
What Are the Key Provisions?
Section 1 (Citation) provides the formal name by which the Order may be cited. This is standard legislative drafting, but it is important for legal referencing, filings, and compliance documentation. Practitioners typically cite the exact subsidiary legislation instrument when advising on whether a scheme has been authorised under the relevant statutory power.
Section 2 (Authorised unit trust scheme) is the substantive provision. It declares that Infinity US 500 Stock Index Fund is hereby “declared as an authorised unit trust scheme for the purpose of the Act.” This single sentence is the core legal act: it confers the authorised status on the named scheme. The wording “for the purpose of the Act” signals that the authorisation is not merely descriptive; it is intended to trigger the legal consequences that flow from the Trustees Act’s authorisation framework.
From a practitioner’s perspective, the key interpretive point is that the authorisation is scheme-specific. The Order does not authorise a class of funds generally; it authorises a particular fund by name. This means that trustees and advisers must be careful to confirm the exact scheme name and ensure that the product being considered is indeed the same entity described in the Order. Where fund names are similar, or where there have been reorganisations, mergers, or renamings, legal teams should verify whether the authorised scheme remains the same legal product or whether a new authorisation order is required.
Finally, the enacting formula indicates that the Minister for Law made the Order under section 83 of the Trustees Act. While section 83 is not reproduced in the extract, its presence is legally important: it confirms that the authorisation power is statutory and that the Minister’s designation is an exercise of delegated legislative authority. This matters for administrative law and compliance: the authorisation is not an informal recognition; it is a formal legal designation grounded in the Trustees Act.
How Is This Legislation Structured?
The Order is structured in a conventional two-section format typical of designation orders. It contains:
(a) Section 1: the citation provision.
(b) Section 2: the substantive designation of the authorised unit trust scheme.
There are no schedules, definitions, or operational rules in the extract provided. The Order’s structure reflects its narrow purpose: it does not set out eligibility criteria, application procedures, ongoing supervision mechanisms, or trustee obligations. Instead, those matters are expected to be found in the Trustees Act itself and any other subsidiary legislation or regulatory instruments that govern unit trust schemes and trustee investment practices.
Who Does This Legislation Apply To?
The Order applies to the extent that it determines whether Infinity US 500 Stock Index Fund is an “authorised unit trust scheme” for the purposes of the Trustees Act. The immediate beneficiaries of the designation are typically trustees and trustee-advisers who must comply with statutory constraints on investments. If the Trustees Act provides that trustees may invest in authorised unit trust schemes (or that certain investment restrictions do not apply to authorised schemes), then the Order becomes relevant to trustees’ investment decisions and compliance documentation.
It also has relevance for fund operators and legal counsel involved in the scheme, because authorisation status can affect how the scheme is marketed to trustees, how it is represented in offering and trustee information materials, and how trustees assess eligibility. However, the Order itself does not impose direct obligations on investors; rather, it operates through the Trustees Act’s investment and trust governance framework.
Why Is This Legislation Important?
Even though the Order is short, it can be crucial in practice because it affects the legal status of a specific investment product. For trustees, the ability to invest in authorised unit trust schemes can be a key part of portfolio construction and risk management. Trustees must often balance statutory duties, prudence requirements, and investment constraints. An authorisation order provides legal certainty that the named scheme is within the category recognised by the Trustees Act.
From an enforcement and compliance standpoint, the designation reduces ambiguity. Without an authorisation order, trustees may face uncertainty about whether a particular unit trust scheme qualifies for statutory treatment. That uncertainty can lead to conservative decision-making, delays in investment, or the need for legal opinions. With an authorisation order in place, advisers can more confidently advise on eligibility, subject to the broader requirements of the Trustees Act and any applicable regulatory conditions.
For legal practitioners, the Order also illustrates an important drafting and compliance principle: authorisation is product-specific and time-sensitive. The Order is dated 17 August 2000 and is shown as “current version as at 27 March 2026” on the portal. Practitioners should still confirm whether there have been amendments, revocations, or replacement orders affecting the scheme’s status. Where a fund’s structure changes materially, or where the scheme is rebranded, counsel should verify whether the authorised scheme remains the same legal product or whether a new authorisation instrument is required.
Related Legislation
- Trustees Act (Cap. 337) — in particular, section 83 (the enabling provision for making authorisation orders)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 10) Order 2000 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.