Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 11) Order 1999
- Act Code: TA1967-S125-1999
- Legislation Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Key Enabling Provision: Section 86 of the Trustees Act
- Enacting Formula: Minister for Law makes the Order in exercise of powers under section 86
- Citation: Trustees (Authorised Unit Trust Scheme) (No. 11) Order 1999
- Commencement: Not specified in the extract (commonly effective upon publication/commencement under the subsidiary legislation framework)
- Date Made: 20 March 1999
- SL Number: SL 125/1999
- Status: Current version as at 27 March 2026
- Core Substantive Provision: Declaration of “United European Equity Fund” as an authorised unit trust scheme
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 11) Order 1999 is a short piece of subsidiary legislation made under the Trustees Act. In practical terms, it performs a single regulatory function: it designates a specific collective investment vehicle—“United European Equity Fund”—as an authorised unit trust scheme for the purposes of the Trustees Act.
In plain language, the Order tells the market and regulated parties that the named unit trust scheme has been approved (by declaration) to fall within the category of “authorised” schemes under the Trustees Act framework. This matters because the Trustees Act uses the concept of “authorised unit trust scheme” to determine when certain trustee-related activities and legal permissions apply.
Although the extract contains only two provisions—citation and the declaration—the legal effect can be significant. Once a scheme is declared “authorised,” it can be treated as eligible under the statutory regime that depends on that designation. Practitioners therefore need to understand not only the text of the Order, but also how the Trustees Act uses the authorised status to allocate rights, duties, and compliance obligations across trustees, custodians, and related parties.
What Are the Key Provisions?
Section 1 (Citation) provides the formal name by which the Order may be cited. While this is not substantive regulation, citation provisions are important for legal referencing, compliance documentation, and cross-referencing in legal opinions and regulatory filings.
Section 2 (Authorised unit trust scheme) is the operative provision. It states that “United European Equity Fund” is hereby declared as an authorised unit trust scheme for the purposes of the Trustees Act. This declaration is the entire substantive content of the Order: it identifies the specific scheme and confers the authorised status.
From a practitioner’s perspective, the key legal question is what “authorised” status triggers under the Trustees Act. The Order itself does not list conditions, ongoing obligations, or compliance requirements. Instead, those requirements are typically found in the Trustees Act and any related subsidiary legislation or regulatory guidance. The Order functions as the “gatekeeping” instrument: it brings a particular scheme within the statutory category that then activates the Trustees Act’s regime.
Enabling authority and ministerial power: The enacting formula indicates that the Minister for Law makes the Order under section 86 of the Trustees Act. This signals that the declaration is an exercise of statutory discretion. Practitioners should therefore treat the authorised designation as a formal legal status conferred by the Minister, rather than a mere administrative label. In disputes or compliance reviews, the existence of the declaration is often the decisive fact for whether the scheme qualifies under the Trustees Act.
How Is This Legislation Structured?
This Order is structured in a minimal, two-section format typical of designation orders. It contains:
(1) A citation provision (Section 1), and
(2) A single substantive designation provision (Section 2) declaring the named unit trust scheme to be authorised.
There are no schedules, definitions, conditions, or procedural steps in the extract. The absence of additional text does not mean the scheme is free of obligations; rather, it indicates that the obligations are likely located in the Trustees Act itself. The Order should be read together with the Trustees Act provisions that refer to “authorised unit trust schemes.”
Who Does This Legislation Apply To?
The Order applies to the extent that the Trustees Act’s provisions apply to “authorised unit trust schemes.” While the Order names only one scheme—United European Equity Fund—it has downstream effects for parties who interact with that scheme in trustee contexts. These parties may include trustees, persons acting in a trustee capacity, and other regulated stakeholders whose duties or permitted actions depend on whether the underlying unit trust is “authorised” under the Act.
In addition, the declaration is relevant to investors and intermediaries indirectly. For example, where eligibility, suitability, or permitted investment categories under trust instruments or statutory rules depend on authorised status, the Order becomes a reference point for determining whether the scheme can be held or administered within those frameworks.
Why Is This Legislation Important?
Despite its brevity, the Order is important because it confers a legally meaningful status. In trust and investment law, the difference between an “authorised” and a non-authorised scheme can affect whether trustees can lawfully hold units, whether certain statutory protections or permissions apply, and how compliance is assessed. Practitioners should therefore treat the authorised designation as a foundational fact when advising on trust administration, investment powers, and regulatory compliance.
From an enforcement and risk perspective, the Order reduces ambiguity. If a trustee or adviser is determining whether a particular unit trust scheme falls within the Trustees Act’s authorised framework, the existence of a specific ministerial declaration provides a clear documentary basis. This is particularly valuable in audits, regulatory examinations, and litigation where the legality of trustee actions may be challenged.
Finally, the Order’s “current version as at 27 March 2026” status indicates that it remains in force in the consolidated legislation database. Practitioners should still verify whether there have been amendments, revocations, or superseding orders affecting the scheme’s status. However, the designation order remains a key starting point for any analysis of the scheme’s eligibility under the Trustees Act.
Related Legislation
- Trustees Act (Chapter 337) — in particular, section 86 (the enabling provision referenced in the enacting formula)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 11) Order 1999 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.