Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 13) Order 2002
- Act Code: TA1967-S212-2002
- Type: Subsidiary Legislation (SL)
- Legislative Status: Current version as at 27 Mar 2026
- SL Number: SL 212/2002
- Date Made: 9 May 2002
- Authorising Act: Trustees Act (Cap. 337)
- Key Enabling Provision: Section 83 of the Trustees Act
- Commencement Date: Not stated in the provided extract (commonly the date of making unless otherwise provided)
- Key Provisions (from extract): Section 1 (Citation); Section 2 (Authorised unit trust scheme)
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 13) Order 2002 is a short piece of Singapore subsidiary legislation that performs a specific regulatory function: it designates a particular collective investment product—the SGAM Global Guaranteed Fund—as an “authorised unit trust scheme” for the purposes of the Trustees Act.
In practical terms, this Order is not a comprehensive regulatory code for unit trusts. Instead, it is a targeted instrument used by the Minister for Law to confer a statutory status on a named scheme. That status matters because the Trustees Act uses the concept of “authorised unit trust scheme” as a gateway for trustees and other regulated persons to hold, administer, or deal with units in that scheme under the Act’s framework.
Accordingly, the scope of this Order is narrow: it identifies one scheme by name and declares it authorised. The legal effect is largely determined by how the Trustees Act treats authorised unit trust schemes—particularly in relation to trustees’ investment powers and compliance obligations.
What Are the Key Provisions?
Section 1 (Citation) provides the formal name by which the instrument may be cited: “Trustees (Authorised Unit Trust Scheme) (No. 13) Order 2002.” While this appears procedural, citation provisions are important for legal certainty, especially when multiple similar orders exist (e.g., different “(No. X)” orders authorising different schemes).
Section 2 (Authorised unit trust scheme) is the substantive provision. It states that the SGAM Global Guaranteed Fund is hereby declared as an authorised unit trust scheme for the purposes of the Trustees Act. This declaration is the mechanism by which the scheme enters the statutory category relevant to trustees’ legal powers and duties.
From a practitioner’s perspective, the key interpretive point is that the Order does not describe the scheme’s underlying terms, investment strategy, or governance. It does not impose conditions, reporting requirements, or ongoing compliance duties within the text provided. Instead, it operates as a designation—the scheme’s authorisation status is what triggers the relevant consequences under the Trustees Act.
Enacting formula and enabling power: The Order is made “in exercise of the powers conferred by section 83 of the Trustees Act.” This matters for legal analysis because it confirms that the Minister’s authority to make such designations is statutory. When advising on validity, scope, or potential challenges, counsel would typically anchor the designation power to section 83 and then examine how the Trustees Act defines “authorised unit trust scheme” and what legal effects follow from that designation.
How Is This Legislation Structured?
This Order is extremely concise and is structured around two provisions:
(1) Section 1: Citation—identifies the instrument.
(2) Section 2: Authorisation—names the specific unit trust scheme that is declared authorised under the Trustees Act.
There are no Parts, schedules, or detailed subsections in the extract provided. The structure reflects the legislative technique commonly used in Singapore subsidiary legislation: where the authorising Act provides a power to designate specific entities or schemes, the subsidiary instrument may be limited to the designation itself.
Who Does This Legislation Apply To?
The Order is directed at the status of the SGAM Global Guaranteed Fund under the Trustees Act. While the Order itself does not list categories of persons, its practical application is felt by trustees and other persons whose legal responsibilities depend on whether a unit trust scheme is “authorised” for the purposes of the Trustees Act.
In other words, the beneficiaries of the designation are typically those who need to rely on authorised status to satisfy statutory investment or administration requirements. This may include trustees managing trust property, professional trustees, and potentially other regulated fiduciaries whose powers are constrained by the Trustees Act’s investment rules. The precise class of affected persons depends on the relevant provisions of the Trustees Act—particularly those that refer to “authorised unit trust schemes.”
Why Is This Legislation Important?
Although the Order is brief, it can be highly consequential in trust and estate practice. Trustees often face strict statutory constraints on what investments they may make or hold. If the Trustees Act permits (or facilitates) investment in authorised unit trust schemes, then an Order like this one can determine whether a trustee can lawfully hold units in a particular fund.
For practitioners, the importance lies in compliance and risk management. If a trustee holds units in a scheme that is not authorised (or whose authorisation has lapsed or been superseded), the trustee may face legal exposure—ranging from breach of trust arguments to regulatory or supervisory concerns depending on the broader statutory framework. Conversely, where a scheme is expressly declared authorised, trustees can rely on that statutory status when documenting investment decisions and meeting fiduciary duties.
In addition, the Order’s “current version as at 27 Mar 2026” status indicates that the designation remains in force at least as of that date, subject to any later amendments or revocations not reflected in the extract. Practitioners should therefore verify the latest version and consult the legislation timeline when advising on whether the authorisation is still effective for the relevant period.
Related Legislation
- Trustees Act (Chapter 337) — the enabling and operative framework for authorised unit trust schemes, including section 83 (power to make orders designating authorised unit trust schemes).
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 13) Order 2002 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.