Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 15) Order 2002
- Act Code: TA1967-S231-2002
- Legislation Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Key Enabling Provision: Section 83 of the Trustees Act
- Enacting Formula: Made by the Minister for Law in exercise of powers under s. 83
- Citation: Trustees (Authorised Unit Trust Scheme) (No. 15) Order 2002
- Date Made: 17 May 2002
- Publication/SL Number: SL 231/2002
- Status: Current version (as at 27 Mar 2026)
- Core Substantive Provision: Declaration of an authorised unit trust scheme
- Declared Scheme: “Schroder Greater China Fund”
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 15) Order 2002 is a short piece of Singapore subsidiary legislation. Its practical purpose is to formally “declare” a particular collective investment vehicle—specifically, a unit trust scheme—as an authorised unit trust scheme for the purposes of the Trustees Act.
In plain terms, the Order identifies one named scheme—the Schroder Greater China Fund—and grants it a statutory status that matters for trustees and other regulated actors who rely on the Trustees Act framework. The declaration is not about regulating the fund’s commercial strategy or investment mandate directly; rather, it is about enabling the scheme to fall within a legal category that trustees may use when performing their duties.
Because the Order is made under section 83 of the Trustees Act, it sits within a broader legislative architecture. The Trustees Act governs, among other things, the powers and duties of trustees and the circumstances in which trustees may invest trust assets. Authorised unit trust schemes are typically relevant to trustees’ investment choices and compliance obligations.
What Are the Key Provisions?
Section 1 (Citation) provides the formal name by which the Order may be cited. While this is standard drafting, it is important for legal referencing, compliance documentation, and for practitioners who need to identify the correct instrument when advising on whether a particular scheme is authorised.
Section 2 (Authorised unit trust scheme) is the substantive provision. It states that the Schroder Greater China Fund is hereby declared as an authorised unit trust scheme for the purposes of the Trustees Act. This declaration is the legal “trigger” that brings the named fund within the statutory category created by the Trustees Act and section 83.
From a practitioner’s perspective, the key legal effect is that the scheme’s status is not merely a market description; it is a statutory designation. That designation can affect how trustees treat the fund in their investment and administration processes. For example, trustees may need to determine whether a proposed investment is permitted (or treated more favourably) under the Trustees Act regime, and whether additional approvals or restrictions apply.
Although the extract provided contains only two sections, the legal significance is concentrated in section 2. The Order does not set out conditions, ongoing reporting requirements, or compliance procedures within the Order itself. Instead, the Order functions as a declaratory instrument: it confers authorised status on a named scheme, while the ongoing regulatory and legal obligations (if any) are likely addressed elsewhere—either in the Trustees Act, other financial sector legislation, or the general legal framework governing unit trusts and their management.
How Is This Legislation Structured?
This Order is extremely concise and is structured as a two-section instrument.
Section 1 is procedural (citation). Section 2 is the operative provision (declaration of the authorised unit trust scheme). There are no Parts, schedules, or detailed definitions in the extract. The structure reflects the nature of an “authorisation order”: it is designed to be a targeted legal act rather than a comprehensive regulatory code.
In practice, lawyers should read this Order together with the Trustees Act, particularly section 83, which provides the Minister with the power to make orders declaring schemes to be authorised. The operative question for advice is usually: what legal consequences flow from being an authorised unit trust scheme under the Trustees Act? Those consequences will be found in the Trustees Act provisions that refer to authorised unit trust schemes.
Who Does This Legislation Apply To?
The Order applies primarily to trustees and persons who must comply with the Trustees Act when making investments or administering trust assets. While the Order is directed at the legal status of a unit trust scheme, the practical beneficiaries are those who rely on that status to satisfy their statutory duties.
It also indirectly affects fund operators and distributors insofar as authorised status can influence whether trustees are willing or able to invest in the scheme. However, the Order itself does not impose operational obligations on the fund; it is the authorised status that matters for trustees’ legal compliance.
Why Is This Legislation Important?
Even though the Order is brief, it can be highly consequential in trust and estate practice. Trustees often face strict legal constraints on investment choices. Authorised unit trust schemes can be a key category that trustees may use to meet investment objectives while staying within the statutory framework. A failure to identify whether a scheme is authorised could lead to compliance issues, potential breach of trust claims, or the need for corrective action.
From an enforcement and risk-management standpoint, the statutory declaration provides clarity. Instead of relying on informal representations, trustees and their advisers can point to a specific legal instrument—SL 231/2002—and confirm that the Schroder Greater China Fund is declared authorised under the Trustees Act.
For practitioners, the Order’s importance also lies in its role as part of a continuing legal record. The status indicates that the Order remains the current version as at 27 March 2026. That matters because authorised status can be time-sensitive in other contexts; practitioners should therefore verify the current version and consult the legislation timeline when advising on whether authorised status remains effective.
Related Legislation
- Trustees Act (Cap. 337) — in particular section 83 (power to declare authorised unit trust schemes) and the provisions that confer legal consequences on authorised unit trust schemes.
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 15) Order 2002 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.