Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 15) Order 2003
- Act Code: TA1967-S450-2003
- Legislation Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Enacting Power: Section 83 of the Trustees Act
- Order Number: (No. 15)
- Citation: Trustees (Authorised Unit Trust Scheme) (No. 15) Order 2003
- Date Made: 16 September 2003
- Publication / SL Reference: SL 450/2003
- Status: Current version as at 27 Mar 2026
- Key Provision: Section 2 (declares specified funds as “authorised unit trust schemes” for the purposes of the Trustees Act)
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 15) Order 2003 is a Singapore subsidiary legislation instrument made under the Trustees Act. Its practical function is straightforward: it formally designates two specified collective investment funds as “authorised unit trust schemes” for the purposes of the Trustees Act.
In plain terms, the Order acts as a legal gateway. Certain unit trust schemes can only benefit from the regulatory and legal framework that applies to “authorised unit trust schemes” if they are expressly declared as such by an order made under the Trustees Act. This Order therefore provides the statutory recognition needed for the named funds to fall within that category.
Although the text is brief, the designation is significant for market participants and legal advisers. “Authorised” status affects how the scheme is treated under the Trustees Act regime, including the compliance expectations and the legal standing of the scheme in relation to trusteeship and related statutory requirements. For practitioners, the key is that the Order is not a standalone regulatory code; it is a targeted designation instrument that plugs the named funds into the broader statutory framework.
What Are the Key Provisions?
Section 1 (Citation) provides the short title of the instrument. This is standard drafting: it allows lawyers, regulators, and market participants to refer to the Order easily in correspondence, filings, and legal documents.
Section 2 (Authorised unit trust schemes) is the substantive provision. It declares that the following funds are authorised unit trust schemes for the purposes of the Trustees Act:
(a) The 3 Year S$ Growth Plus Fund; and
(b) The 3 Year US$ Growth Plus Fund.
This declaration is the legal mechanism by which the funds become “authorised” under the Trustees Act. The language “hereby declared” indicates a formal statutory act rather than a mere administrative approval. For practitioners, this means that the authorisation is grounded in the statute’s delegated power and is evidenced by the Order itself.
Enacting formula and ministerial authority further confirm the legal basis. The Order is made “in exercise of the powers conferred by section 83 of the Trustees Act” by the Minister for Law. This matters in legal analysis because it ties the designation to the specific statutory delegation. If a scheme’s authorisation is challenged, the existence of the enabling power and the proper making of the order are central to the validity of the authorisation.
Temporal and versioning considerations are also relevant. The legislation extract indicates the Order is “current version as at 27 Mar 2026,” while the timeline shows the Order was made on 22 September 2003 (SL 450/2003). For legal work—such as due diligence, compliance checks, or litigation support—practitioners should confirm whether any amendments or revocations exist affecting the continued authorisation of the named funds. The extract suggests the current version remains in force, but version checking is essential because authorised status can be amended, replaced, or withdrawn by later instruments.
How Is This Legislation Structured?
The Order is structured in a minimal, two-section format typical of designation orders. It contains:
Section 1: the citation (short title).
Section 2: the list of authorised unit trust schemes (the substantive designation).
There are no schedules, definitions, or detailed compliance requirements within the Order itself. Instead, the Order relies on the Trustees Act to provide the substantive regulatory framework. In practice, lawyers should read this Order together with the Trustees Act provisions governing authorised unit trust schemes, including any requirements relating to trustees, scheme operation, and statutory duties.
Who Does This Legislation Apply To?
This legislation applies to the extent that it designates particular funds as “authorised unit trust schemes” under the Trustees Act. The immediate beneficiaries of the designation are the operators and trustees associated with the named funds—namely, the “3 Year S$ Growth Plus Fund” and the “3 Year US$ Growth Plus Fund.”
More broadly, the designation affects parties who rely on the authorised status in their legal and compliance arrangements. This includes trustees, fund managers, distributors, and legal advisers who must ensure that the scheme’s structure and conduct align with the Trustees Act regime applicable to authorised unit trust schemes. Investors and prospective investors may also be indirectly affected, because authorised status can influence the legal protections and regulatory oversight framework under which the scheme operates.
However, it is important to note that the Order itself does not impose detailed obligations on investors. Rather, it is a classification instrument. The substantive duties and consequences flow from the Trustees Act and any other applicable financial services and trust-related legislation.
Why Is This Legislation Important?
Even though the Order is short, it is legally important because it confers a specific statutory category—“authorised unit trust scheme”—on named funds. In regulated markets, classification drives consequences. Authorised status can determine which statutory regime applies, how trusteeship arrangements are structured, and what legal expectations attach to the scheme’s operation.
For practitioners, the Order is a key reference point in due diligence and compliance. When advising on whether a fund qualifies as an authorised unit trust scheme, lawyers must verify the existence of a relevant authorising order. This Order provides that confirmation for the two specified funds. It is also useful when drafting disclosure documents, preparing regulatory submissions, or responding to regulatory inquiries where the authorised status must be evidenced by reference to the correct subsidiary legislation.
From an enforcement and risk perspective, the designation also matters. If a scheme is marketed or operated as an authorised unit trust scheme without proper authorisation, it may create regulatory exposure and potential legal consequences. Conversely, where the scheme is properly declared, the parties can rely on the statutory basis for authorised status, subject to ongoing compliance with the Trustees Act and any other applicable regulatory requirements.
Finally, the Order illustrates how Singapore’s legal framework uses targeted subsidiary legislation to manage authorisations. Rather than embedding complex lists and authorisation mechanics in the Trustees Act itself, the Act delegates power to the Minister to make orders declaring specific schemes. This approach allows the regulatory framework to evolve as new funds are launched or as authorisations are updated.
Related Legislation
- Trustees Act (Chapter 337) — in particular, section 83 (the enabling provision for making orders declaring authorised unit trust schemes)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 15) Order 2003 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.