Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 10) Order 2001
- Act Code: TA1967-S258-2001
- Legislation Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Key Enabling Provision: Section 83 of the Trustees Act
- Enacting Formula: Minister for Law makes the Order in exercise of powers under section 83
- Citation: Trustees (Authorised Unit Trust Scheme) (No. 10) Order 2001
- Order Date: Made on 28 April 2001
- Publication/SL Number: SL 258/2001
- Status: Current version as at 27 March 2026
- Core Substantive Provision: Declaration of a specific fund as an “authorised unit trust scheme”
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 10) Order 2001 is a targeted legislative instrument that does not create a general regulatory framework by itself. Instead, it performs a specific administrative-legal function: it declares a particular collective investment scheme—the ABN AMRO Star Behavioural Finance Japan Fund—to be an “authorised unit trust scheme” for the purposes of the Trustees Act.
In practical terms, the Order answers a threshold legal question that matters for trustees and related market participants: whether a named unit trust scheme qualifies as “authorised” under the Trustees Act regime. Once a scheme is declared authorised, it can fall within the scope of statutory permissions, trustee investment rules, and other legal consequences that attach to authorised unit trust schemes under the Act.
Because the Order is made under section 83 of the Trustees Act, it sits within a broader system where the Minister for Law designates specific schemes. This approach allows the legal framework to remain stable while enabling the Government to add (or update) authorised schemes as they are approved, launched, or otherwise meet the relevant criteria.
What Are the Key Provisions?
Section 1 (Citation) provides the short title of the instrument. This is standard drafting: it allows practitioners to refer to the Order quickly in correspondence, filings, and legal arguments. While it has no substantive regulatory effect, it is important for accurate legal citation.
Section 2 (Authorised unit trust scheme) is the operative provision. It states that the ABN AMRO Star Behavioural Finance Japan Fund is declared to be an “authorised unit trust scheme” for the purpose of the Trustees Act. The legal significance lies in the phrase “for the purpose of the Act.” That wording indicates that the declaration is not merely descriptive; it is meant to trigger the consequences that the Trustees Act attaches to authorised unit trust schemes.
Although the extract provided contains only the two sections, the structure and wording reflect a common pattern for these Orders: a ministerial declaration naming a specific scheme. The effect is that the named fund becomes eligible to be treated as an authorised unit trust scheme under the Trustees Act’s statutory scheme. For lawyers advising trustees, this is often the decisive step in determining whether a trustee may rely on statutory allowances or whether certain investment or trust administration rules apply to that fund.
Enacting formula and making clause confirm the legal basis and authority. The Order is made “in exercise of the powers conferred by section 83 of the Trustees Act.” This matters for validity and for any challenge: it anchors the Minister’s power to declare authorised schemes. The making clause also records the date (“Made this 28th day of April 2001”) and the responsible official (the Permanent Secretary, Ministry of Law). These details can be relevant in due diligence, regulatory audits, and when verifying the authenticity of the instrument.
How Is This Legislation Structured?
Despite being a “legislation” document, the Order is extremely concise. It contains:
(1) An enacting formula setting out the enabling authority (section 83 of the Trustees Act) and the Ministerial power used to make the Order.
(2) Section 1 (Citation) providing the short title.
(3) Section 2 (Authorised unit trust scheme) making the substantive declaration that the named fund is authorised for the purposes of the Trustees Act.
There are no schedules, definitions, or procedural provisions in the extract. This is consistent with a declaration-type subsidiary instrument: it is designed to be a legal “switch” that turns on the authorised status for a particular scheme, rather than a comprehensive regulatory code.
Who Does This Legislation Apply To?
The Order applies primarily to parties whose rights and obligations depend on whether a unit trust scheme is “authorised” under the Trustees Act. In practice, this typically includes trustees (and persons acting in trustee capacities), as well as trust administrators and advisers who must determine the permissible scope of trustee investments or the legal treatment of investments held through unit trust schemes.
It also indirectly affects fund operators and distributors because authorised status can influence whether trustees are willing or able to invest in the fund, and whether the fund can be marketed or held in trustee portfolios in reliance on the statutory framework.
Why Is This Legislation Important?
Even though the Order is brief, it can be highly consequential in trustee investment practice. Many trustee regimes—particularly those involving statutory investment rules—turn on whether an investment falls within a category expressly recognised by statute. By declaring the ABN AMRO Star Behavioural Finance Japan Fund as an authorised unit trust scheme, the Order enables trustees to treat the fund as meeting the statutory threshold for whatever legal consequences the Trustees Act provides for authorised schemes.
From a practitioner’s perspective, the importance of such Orders lies in compliance certainty. Trustees must often demonstrate that their investment decisions and holdings comply with legal requirements. If a trustee holds units in a fund that is not authorised (or whose authorised status is unclear), the trustee may face legal risk, including challenges to investment propriety, potential breaches of duty, or the need to unwind or regularise holdings. Conversely, an explicit declaration reduces ambiguity and supports defensible compliance.
Additionally, the Order’s status as “current version as at 27 March 2026” indicates that the declaration remains part of the operative legal landscape. For ongoing due diligence, lawyers should verify whether the scheme remains authorised, whether there have been amendments or revocations (not shown in the extract), and whether any later legislative instruments have superseded or updated the authorised list. In trustee governance, such verification is often a routine but critical step.
Related Legislation
- Trustees Act (Chapter 337) — in particular, section 83 (the enabling provision under which the Minister makes orders declaring authorised unit trust schemes)
- Other Trustees (Authorised Unit Trust Scheme) Orders — subsidiary instruments that similarly declare specific unit trust schemes as authorised (numbered “(No. 1)”, “(No. 2)”, etc.)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 10) Order 2001 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.