Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 11) Order 2004
- Act Code: TA1967-S287-2004
- Type: Subsidiary Legislation (SL)
- Enacting Authority: Minister for Law
- Authorising Act: Trustees Act (Cap. 337)
- Legal Power Used: Section 83 of the Trustees Act
- Citation: Trustees (Authorised Unit Trust Scheme) (No. 11) Order 2004
- SL Number: SL 287/2004
- Date Made: 12 May 2004
- Commencement: Not stated in the extract (practitioners should confirm via the legislation timeline/version)
- Status: Current version as at 27 Mar 2026 (per provided metadata)
- Key Provision: Section 2 (declaration of authorised unit trust schemes)
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 11) Order 2004 is a Singapore subsidiary legislation instrument made under the Trustees Act. Its core function is administrative and regulatory: it formally declares specific investment funds as “authorised unit trust schemes” for the purposes of the Trustees Act.
In plain language, the Order tells trustees and other regulated persons that certain unit trust funds have been approved (or otherwise designated) to be treated as authorised schemes under the statutory framework. This designation matters because the Trustees Act regulates what kinds of investments trustees may make and hold on behalf of beneficiaries. When a fund is declared an authorised unit trust scheme, it becomes eligible for trustees’ investment use under the Act’s regime.
Although the Order is short, it sits within a broader system. The Trustees Act provides the legal architecture for trustee investment powers and protections. Section 83 empowers the Minister to make orders declaring particular unit trust schemes as authorised. The present Order is one such declaration, identifying two related funds offered by DBS (as named in the extract): the DBS Momentum Capital Protected Fund in Singapore dollar and United States dollar share classes.
What Are the Key Provisions?
Section 1 (Citation). Section 1 provides the formal name by which the instrument may be cited. While this is standard drafting, it is important for legal referencing, compliance documentation, and cross-referencing in regulatory filings and internal policies.
Section 2 (Authorised unit trust schemes). This is the substantive provision. Section 2 declares that the following funds are “authorised unit trust schemes” for the purposes of the Trustees Act:
- DBS Momentum Capital Protected Fund (S$)
- DBS Momentum Capital Protected Fund (US$)
From a practitioner’s perspective, the key legal effect is the statutory designation. The wording “hereby declared” indicates that the Minister’s order is the mechanism that triggers the authorised status. The declaration is not merely descriptive; it is the legal basis for trustees to treat these funds as authorised schemes under the Trustees Act.
Scope of authorisation: fund-level and currency-class specificity. Notably, the Order authorises two distinct funds differentiated by currency denomination (S$ and US$). This suggests that, for trustee investment purposes, the authorised status is tied to the specific scheme as named, including its currency class. Practitioners should therefore avoid assuming that authorisation for one currency automatically extends to another. Where trustees invest, they should ensure the exact fund name and share class match the authorised scheme as declared.
Enacting power and ministerial discretion. The Enacting Formula states that the Minister for Law makes the Order in exercise of powers conferred by section 83 of the Trustees Act. This matters for legal interpretation. It indicates that the Minister’s designation is an exercise of statutory authority rather than a voluntary market recognition. In disputes or compliance reviews, the authorised status should be traced back to the statutory power and the specific order.
Making date and formalities. The Order was made on 12 May 2004 by Liew Heng San, Permanent Secretary, Ministry of Law. While the extract does not specify commencement, the making date is relevant for determining the period during which the authorisation applied (for example, in historical compliance assessments, audits, or legacy trustee decisions). Practitioners should consult the legislation timeline to confirm whether the authorised status took effect immediately upon making or on a later date.
How Is This Legislation Structured?
This instrument is structured in a conventional, minimal format typical of authorisation orders under the Trustees Act. It contains:
- Section 1: Citation (how the Order is referred to).
- Section 2: The declaration of authorised unit trust schemes (the list of funds).
There are no additional parts, schedules, definitions, or procedural provisions in the extract. The legal work is done by the declaratory list in section 2. In practice, the “structure” of the compliance task is therefore straightforward: identify whether the relevant unit trust scheme appears in the authorised list for the relevant time period.
Who Does This Legislation Apply To?
The Order applies primarily to persons who act as trustees or who are subject to the investment constraints and permissions in the Trustees Act. The authorised status is relevant to trustees’ investment decisions, portfolio construction, and ongoing holdings. It may also be relevant to other regulated parties who advise trustees or administer trustee investments, such as professional trustees, trust companies, and investment administrators, insofar as they must ensure investments comply with statutory requirements.
Because the Order is “for the purposes of the Act,” its effect is not limited to the fund manager or distributor. Instead, it operates as a legal designation that trustees can rely on when determining whether a particular unit trust scheme is eligible under the Trustees Act framework. Practitioners should therefore treat the Order as part of the compliance reference set for trustee investment powers.
Why Is This Legislation Important?
Even though the Order is brief, it can be highly consequential in trustee practice. Trustee investment powers are often a focal point for governance, risk management, and fiduciary compliance. If a trustee invests in a unit trust scheme that is not authorised (or not authorised for the relevant class/currency), the trustee may face legal exposure, including challenges related to breach of trust, improper exercise of investment powers, or failure to comply with statutory requirements.
By declaring the DBS Momentum Capital Protected Fund (S$) and (US$) as authorised unit trust schemes, the Order provides a clear legal pathway for trustees to include these funds within their permitted investment universe under the Trustees Act. This reduces ambiguity and supports defensible decision-making—particularly where trustees must document the basis for investment selection and compliance.
From an enforcement and audit perspective, the Order is also a key exhibit. When regulators, auditors, or beneficiaries scrutinise trustee investment practices, the trustee’s ability to point to an “authorised unit trust scheme” declaration can be central. The Order’s currency-specific listing further supports precise compliance: trustees should verify the exact scheme name and currency class used in their accounts and investment records.
Related Legislation
- Trustees Act (Cap. 337) — in particular, section 83 (power to declare authorised unit trust schemes)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 11) Order 2004 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.