Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 12) Order 2002
- Act Code: TA1967-S210-2002
- Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Enacting Authority: Minister for Law
- Legal Basis: Powers under section 83 of the Trustees Act
- Primary Subject: Declaration of an authorised unit trust scheme
- Key Provisions: Section 1 (Citation); Section 2 (Authorised unit trust scheme)
- Order Date / Made Date: 7 May 2002
- Legislation Number: SL 210/2002
- Status: Current version (as at 27 Mar 2026)
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 12) Order 2002 is a short piece of subsidiary legislation that performs a single, targeted function: it declares a specific collective investment arrangement—the United Global Technology Fund—to be an “authorised unit trust scheme” for the purposes of the Trustees Act.
In practical terms, the Order is part of the legal framework that governs certain unit trust schemes in Singapore. The Trustees Act provides the statutory architecture for authorisation, regulation, and oversight of unit trust schemes that fall within its scope. This Order is one of the instruments used to “authorise” particular schemes, thereby bringing them within the Act’s authorisation regime.
Because the Order is narrow in scope, it does not set out detailed operational rules (such as investment restrictions, disclosure requirements, or trustee conduct standards). Instead, it identifies the scheme that is to be treated as authorised. The substantive compliance obligations typically arise from the Trustees Act itself and any related regulatory instruments that apply to authorised unit trust schemes.
What Are the Key Provisions?
Section 1 (Citation) provides the formal name by which the Order may be cited. This is standard legislative drafting: it ensures that practitioners can reliably refer to the instrument in legal documents, filings, and correspondence.
Section 2 (Authorised unit trust scheme) is the operative provision. It states that “The United Global Technology Fund is hereby declared as an authorised unit trust scheme for the purposes of the Act.” This declaration is the legal “switch” that brings the named fund within the authorisation category contemplated by the Trustees Act.
Although the Order contains only two sections, its legal effect can be significant. Once a scheme is declared authorised, it is generally expected to comply with the statutory regime applicable to authorised unit trust schemes under the Trustees Act. The authorisation status may affect how the scheme is marketed, administered, and supervised, and it may determine which legal permissions or regulatory pathways are available to the scheme and its operators.
Finally, the Order includes the making clause and the date. The instrument states that it is made by the Minister for Law on 7 May 2002 and bears the signature of the Permanent Secretary, Ministry of Law. The enacting formula confirms that the Minister is acting under the specific statutory power in section 83 of the Trustees Act.
How Is This Legislation Structured?
The Order is structured in a very streamlined manner, reflecting its limited purpose. It consists of:
(1) Enacting formula — explains the legal authority (section 83 of the Trustees Act) under which the Minister makes the Order.
(2) Section 1 — citation provision.
(3) Section 2 — the declaration of the authorised unit trust scheme (United Global Technology Fund).
There are no schedules, definitions, or procedural provisions in the extract provided. In other words, the instrument is not a comprehensive regulatory code; it is an authorisation declaration that relies on the Trustees Act for the broader regulatory framework.
Who Does This Legislation Apply To?
The Order applies to the United Global Technology Fund—and, by extension, to the parties responsible for operating and administering that fund—because the authorisation status is conferred on the scheme itself. In practice, the fund’s trustee, management company, and related service providers will be the key stakeholders whose compliance posture is influenced by the scheme’s authorised status.
More broadly, the Order is relevant to regulated market participants and legal practitioners who need to determine whether a particular unit trust scheme is “authorised” under the Trustees Act. For investors and counterparties, authorisation status can be a proxy for the existence of statutory oversight and compliance expectations, even though the detailed obligations are found in the Trustees Act and any applicable subsidiary regulations or notices.
Why Is This Legislation Important?
Despite its brevity, the Order is important because authorisation is often a threshold legal requirement. In many regulatory regimes, being “authorised” determines whether a scheme can be offered or managed under the relevant statutory framework, and it can affect the legal rights and obligations of trustees, managers, and investors.
From a practitioner’s perspective, the key value of this Order is evidentiary and classification. When advising on governance, compliance, or contractual arrangements involving the United Global Technology Fund, counsel will need to confirm that the fund is indeed declared an authorised unit trust scheme under the Trustees Act. This can be critical for due diligence, regulatory reporting, and ensuring that documentation aligns with the scheme’s legal status.
Additionally, the Order’s “current version” status (as at 27 Mar 2026) indicates that the declaration remains in force in the consolidated legislative record. Practitioners should still check the legislation timeline and any subsequent amendments or revocations (if any) to confirm that the authorisation has not been superseded. However, based on the extract, the declaration is treated as part of the current legal landscape.
Related Legislation
- Trustees Act (Chapter 337) — in particular, section 83 (the enabling provision for making authorisation orders)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 12) Order 2002 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.