Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 12) Order 1999
- Act Code: TA1967-S200-1999
- Legislation Type: Subsidiary legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Enacting Authority: Minister for Law
- Key Enabling Provision: Section 86 of the Trustees Act
- Commencement: Not stated in the extract (order is dated and published as SL 200/1999)
- Primary Subject Matter: Declaration of a specific unit trust scheme as “authorised”
- Scheme Named: United Global Technology Fund
- Citation: Trustees (Authorised Unit Trust Scheme) (No.12) Order 1999
- Publication Reference: SL 200/1999 (dated 26 Apr 1999)
- Status: Current version as at 27 Mar 2026 (per the legislation portal)
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 12) Order 1999 is a targeted regulatory instrument. In plain terms, it is an order made under the Trustees Act that formally “authorises” a particular unit trust scheme—namely, the United Global Technology Fund—so that it can be treated as an authorised unit trust scheme for the purposes of the Trustees Act.
Unlike a comprehensive statute that sets out a full regulatory framework from scratch, this Order performs a narrower function: it identifies one scheme and declares it authorised. That declaration matters because the Trustees Act uses the concept of an “authorised unit trust scheme” to determine which schemes may operate under the statutory regime and what legal consequences follow from authorisation.
For practitioners, the practical significance is that authorisation is not merely a label. It typically affects the scheme’s regulatory status, the applicability of statutory requirements, and the legal permissions or protections that attach to authorised schemes. This Order is therefore best understood as a “gateway” document that brings a specific scheme within the statutory framework administered under the Trustees Act.
What Are the Key Provisions?
Section 1 (Citation) provides the short title of the instrument: Trustees (Authorised Unit Trust Scheme) (No.12) Order 1999. While this may appear purely administrative, citation provisions are important for legal certainty. They allow lawyers, regulators, and market participants to refer unambiguously to the exact order that confers authorisation.
Section 2 (Authorised unit trust scheme) is the substantive provision. It states that United Global Technology Fund is declared as an authorised unit trust scheme for the purposes of the Act. This is the core legal effect of the Order: it confers authorised status on a named scheme.
From a legal practice perspective, the wording “is hereby declared” indicates a formal, ministerial act of authorisation. The scheme’s name is specified in the Order, which means that the authorisation is tied to that particular scheme identity. If a scheme were to be renamed, restructured, or materially altered, counsel would typically need to consider whether the authorisation continues to apply or whether a new declaration is required (depending on how the Trustees Act and related regulatory instruments treat scheme changes).
The Order also includes the enacting formula, which states that it is made “in exercise of the powers conferred by section 86 of the Trustees Act.” This is a critical interpretive anchor. When assessing the scope of ministerial power, the validity of the declaration, or the procedural basis for authorisation, lawyers will look to section 86 as the statutory authority for making such orders.
Finally, the Order records the making date (“Made this 23rd day of April 1999”) and is published under the reference SL 200/1999 (dated 26 Apr 1999). These dates can matter for determining the timeline of authorisation and for assessing whether any actions taken by the scheme before publication were within or outside the authorised status.
How Is This Legislation Structured?
This Order is extremely concise and consists of a small number of provisions. Based on the extract, it includes:
(1) Enacting formula — sets out the legal basis for the Minister’s action, referencing section 86 of the Trustees Act.
(2) Section 1 (Citation) — provides the short title.
(3) Section 2 (Authorised unit trust scheme) — declares the specific scheme (United Global Technology Fund) to be an authorised unit trust scheme for the purposes of the Trustees Act.
There are no detailed schedules, conditions, or operational requirements within the Order itself (at least in the extract provided). Instead, the Order functions as a declaratory instrument, with the substantive regulatory obligations likely residing in the Trustees Act and any subsidiary regulations, notices, or conditions that apply to authorised unit trust schemes.
Who Does This Legislation Apply To?
The Order applies directly to the United Global Technology Fund by declaring it to be an authorised unit trust scheme. In practice, the declaration affects the scheme’s trustee(s), managers, and other parties who administer or market the unit trust, because their conduct will be evaluated against the statutory regime applicable to authorised schemes.
More broadly, the Order has implications for investors and market participants. Investors typically rely on the regulatory status of a scheme when assessing legal protections, disclosure expectations, and the scheme’s standing under the Trustees Act. While the Order itself does not set out investor rights, authorisation is often a prerequisite for the scheme to be offered or operated under the statutory framework.
Why Is This Legislation Important?
Although the Order is short, it is legally significant because it confers a specific regulatory status. In unit trust regulation, authorisation can be the difference between a scheme being within the statutory perimeter versus operating without the benefit of authorisation. That status can affect how the scheme is supervised, what compliance duties attach, and how enforcement actions may be brought under the Trustees Act.
For practitioners, the key value of this Order is that it provides a clear documentary basis for the scheme’s authorised status. When advising trustees, fund managers, or counterparties (such as distributors, custodians, or institutional investors), counsel often needs to confirm whether a scheme is authorised and to cite the relevant instrument. This Order supplies that confirmation for the named scheme.
From an enforcement and compliance standpoint, the authorisation declaration also supports regulatory oversight. If a scheme is authorised, regulators and courts can more readily apply the statutory framework designed for authorised unit trust schemes. Conversely, if there is a dispute about whether a scheme was authorised at a relevant time, the dates and the specific scheme name in the Order become central evidence.
Related Legislation
- Trustees Act (Cap. 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. 12) Order 1999 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.