Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 10) Order 2004
- Act Code: TA1967-S265-2004
- Legislation Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Key Enabling Provision: Section 83 of the Trustees Act
- Enacting Date / Made Date: 7 May 2004
- Commencement Date: Not stated in the extract (typically effective upon making/notification unless otherwise provided)
- SL Citation: SL 265/2004
- Status: Current version as at 27 Mar 2026 (per the legislation portal)
- Primary Operative Provisions: Section 1 (Citation); Section 2 (Declaration of an authorised unit trust scheme)
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 10) Order 2004 is a short piece of Singapore subsidiary legislation made under the Trustees Act. In plain language, it is an administrative legal instrument that formally “authorises” a specific unit trust scheme for the purposes of the Trustees Act.
Unit trusts are collective investment arrangements in which investors pool money and hold interests linked to an underlying portfolio. The Trustees Act regulates certain aspects of trustees and trust business, including how particular schemes are recognised for regulatory and legal purposes. This Order does not create a full regulatory framework by itself; rather, it identifies one particular scheme—“The Accumulator”—and declares it to be an “authorised unit trust scheme” under the Act.
Because the Order is numbered “(No. 10)”, it sits within a series of similar authorisation orders. Each order typically authorises a particular scheme (or a particular iteration) so that the scheme can operate within the legal regime established by the Trustees Act. For practitioners, the practical value lies in confirming whether a given unit trust scheme has the statutory status needed to rely on the Trustees Act framework.
What Are the Key Provisions?
Section 1 (Citation) provides the short title of the instrument: “Trustees (Authorised Unit Trust Scheme) (No. 10) Order 2004”. This is standard legislative drafting. It matters mainly for referencing the Order in legal documents, regulatory submissions, and correspondence with counterparties or regulators.
Section 2 (Authorised unit trust scheme) is the operative provision. It states that “The Accumulator” is hereby declared as an authorised unit trust scheme for the purposes of the Trustees Act. This declaration is the legal mechanism by which the scheme obtains the status that the Act requires for the relevant regulatory treatment.
Although the extract is brief, the legal effect is significant. The phrase “for the purposes of the Act” indicates that the authorisation is not merely descriptive; it is intended to trigger the consequences that the Trustees Act attaches to authorised unit trust schemes. Those consequences may include (depending on the Trustees Act’s provisions) eligibility to be administered under the Act’s trustee framework, compliance pathways, and recognition for legal and regulatory purposes. In practice, lawyers often need to confirm authorisation status to determine whether the scheme can lawfully be marketed, administered, or held under the Act’s regime.
Enacting formula and enabling power also matter. The Order is made “in exercise of the powers conferred by section 83 of the Trustees Act” by the Minister for Law. This confirms that the authorisation is a ministerial act grounded in statutory authority. For legal analysis, this is relevant to questions of validity and scope: the Minister is acting within the powers granted by section 83, and the Order’s content (the declaration of “The Accumulator”) is the exercise of that power.
Formalities: The Order is “made this 7th day of May 2004” and signed by Liew Heng San, Permanent Secretary, Ministry of Law. The signature and date provide the instrument’s formal validity and help practitioners locate the correct version in the legislative timeline.
How Is This Legislation Structured?
This Order is structured in a very simple format, consistent with many authorisation orders. It contains:
(1) An enacting formula explaining the statutory basis (section 83 of the Trustees Act) and the authority of the Minister for Law to make the Order.
(2) Section 1 setting out the citation (short title).
(3) Section 2 making the substantive declaration that “The Accumulator” is an authorised unit trust scheme for the purposes of the Trustees Act.
There are no additional parts, schedules, or detailed conditions in the extract. That does not mean there are no conditions in the broader legal framework; rather, the Order itself performs a “status declaration” function, while the detailed operational requirements are likely found in the Trustees Act and any related subsidiary legislation, notices, or regulatory guidelines.
Who Does This Legislation Apply To?
The Order applies to the extent that it confers a statutory status on “The Accumulator” as an authorised unit trust scheme. While the text does not name trustees, managers, or investors, the legal consequences of being an authorised unit trust scheme typically flow to the scheme’s responsible parties—such as the trustee(s) and scheme operators—because they must comply with the Trustees Act regime applicable to authorised schemes.
For investors, the Order’s direct effect is usually indirect: it supports the scheme’s legal standing under the Trustees Act. For lawyers advising trustees, fund managers, or distributors, the key question is whether the scheme they are dealing with is indeed “authorised” under the relevant authorisation order(s). If it is not, the scheme may fall outside the intended statutory framework, which can affect legality, compliance posture, and risk allocation in contractual arrangements.
Why Is This Legislation Important?
Even though the Order is short, it can be crucial in practice. In regulated finance contexts, legal status determines what rules apply. An “authorised unit trust scheme” designation is often a gateway concept: it can affect whether the scheme can be administered under the Trustees Act, how it is recognised by counterparties, and how regulatory obligations are structured.
From an enforcement and compliance perspective, authorisation orders help regulators and market participants identify which schemes are within the statutory perimeter. For legal practitioners, this reduces uncertainty. When drafting offering documents, trustee declarations, or compliance representations, lawyers frequently need to state that the scheme is authorised under the relevant legislation. This Order provides the documentary basis for such statements.
From a due diligence standpoint, the Order also helps establish timeline and version control. The portal indicates that the Order is “current version as at 27 Mar 2026” and references the original making date (10 May 2004 / SL 265/2004 in the timeline display). Practitioners should verify the correct version when advising on historical transactions, legacy schemes, or amendments. Even if the operative declaration remains unchanged, confirming the current status helps avoid reliance on outdated or superseded instruments.
Finally, the Order illustrates how Singapore’s legislative approach can separate “framework regulation” from “scheme-by-scheme authorisation.” The Trustees Act provides the overarching legal regime, while ministerial orders like this one identify specific schemes that qualify. Understanding this structure is important for lawyers who need to map obligations across multiple layers of legislation.
Related Legislation
- Trustees Act (Chapter 337) — in particular, section 83 (the enabling provision for making authorisation orders)
- Other “Trustees (Authorised Unit Trust Scheme) … Orders” — authorisation orders that similarly declare specific unit trust schemes to be authorised under the Trustees Act (e.g., other numbered “(No. …)” orders)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 10) Order 2004 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.