Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 16) Order 2002
- Act Code: TA1967-S232-2002
- Legislative Type: Subsidiary legislation (Order)
- Authorising Act: Trustees Act (Cap. 337)
- Enacting Power: Made under section 83 of the Trustees Act
- Primary Subject: Declaration of an authorised unit trust scheme
- Key Provisions (from extract): Section 1 (Citation); Section 2 (Authorised unit trust scheme)
- Scheme Named: “The Schroder Asian Balanced Fund”
- Order Date / Made Date: 17 May 2002
- Publication Reference: SL 232/2002
- Status: Current version as at 27 Mar 2026 (per legislation portal status)
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 16) Order 2002 is a short but legally significant instrument. In plain terms, it is an official declaration by the Minister for Law that a particular collective investment arrangement—specifically, a unit trust scheme—is recognised as an “authorised unit trust scheme” for the purposes of the Trustees Act.
Unit trust schemes are a common vehicle for pooling investors’ funds and investing them according to a stated strategy. However, not every scheme is treated the same under Singapore’s regulatory framework. The Trustees Act provides a statutory basis for recognising certain unit trust schemes as “authorised,” which can trigger specific legal consequences—particularly in relation to how trustees may act and what regulatory permissions or protections apply.
This Order does not itself set out a full regulatory regime for unit trusts. Instead, it performs a targeted function: it identifies one scheme by name and declares it authorised. The legal effect therefore depends on how the Trustees Act uses the concept of an “authorised unit trust scheme.” Practitioners typically read such Orders alongside the Trustees Act provisions that refer to authorised schemes, to determine the compliance and operational implications for trustees, managers, and investors.
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 matters for legal referencing, especially when advising on compliance obligations, filing requirements, or when citing the instrument in submissions, board papers, or regulatory correspondence.
Section 2 (Authorised unit trust scheme) is the operative provision. It states that “The Schroder Asian Balanced Fund” is declared as an authorised unit trust scheme for the purposes of the Trustees Act. In other words, the scheme named in the Order is brought within the statutory category of “authorised unit trust scheme.”
Although the extract contains only two provisions, the practical importance is substantial. The Order is made “in exercise of the powers conferred by section 83 of the Trustees Act.” This indicates that the Minister’s authority to declare authorised schemes is statutory and discretionary within the framework of section 83. For lawyers, the key task is to connect this declaration to the downstream effects in the Trustees Act—such as whether trustees are permitted (or required) to treat authorised schemes in particular ways, and whether certain duties, permissions, or exemptions apply only to authorised schemes.
Making and commencement context. The Order is “made this 17th day of May 2002.” The legislation portal indicates SL 232/2002 and shows a current version status as at 27 March 2026. For practitioners, this means that the Order remains in force (unless later amended or revoked) and continues to be the legal basis for the scheme’s authorised status. When advising on current matters, it is therefore important to verify whether any later amendments or replacement orders exist for the same scheme, and whether the scheme’s name or structure has changed (for example, through rebranding, restructuring, or changes to the trust deed) while the authorised status remains tied to the named scheme.
How Is This Legislation Structured?
This Order is structured in a very streamlined manner, reflecting its narrow purpose. It contains:
(1) Enacting formula — sets out the statutory authority under section 83 of the Trustees Act and records that the Minister for Law makes the Order.
(2) Citation provision (Section 1) — provides the short title for reference.
(3) Operative provision (Section 2) — declares the named unit trust scheme as authorised for the purposes of the Trustees Act.
There are no schedules, definitions, or detailed regulatory requirements in the extract. The Order’s “structure” is therefore best understood as a legal gateway: it identifies the scheme and confers authorised status, while the substantive regulatory duties and consequences are found in the Trustees Act itself and any other applicable financial services legislation and regulatory instruments.
Who Does This Legislation Apply To?
The Order applies to the extent that it affects the legal position of parties who deal with, administer, or invest through “authorised unit trust schemes” under the Trustees Act framework. While the Order is directed at the scheme (by name), the practical beneficiaries and affected persons typically include trustees, unit trust managers, custodians, and other intermediaries whose powers and duties are shaped by whether a scheme is authorised.
Investors are also indirectly affected. Authorised status can influence how trustees may allocate trust assets, how certain statutory safeguards operate, and how compliance is assessed. However, the Order itself does not create investor-facing disclosure obligations. Those obligations generally arise from other regulatory regimes governing fund marketing, offering documents, and ongoing disclosures. Accordingly, a lawyer advising on investor rights would usually treat this Order as one piece of the broader legal architecture rather than the sole source of investor protections.
Why Is This Legislation Important?
Even though the Trustees (Authorised Unit Trust Scheme) (No. 16) Order 2002 is brief, it is legally important because it determines whether a specific unit trust scheme falls within a statutory category. In practice, such categorisation can be the difference between lawful trustee conduct and conduct that may fall outside statutory permissions or protections.
From an enforcement and compliance perspective, authorised status is often a threshold requirement. If trustees are required to hold or deal with only authorised schemes for certain purposes, then the absence of authorised status could expose trustees and their advisers to regulatory risk, including potential breaches of statutory duties. Conversely, where authorised status exists, it can provide a clearer legal basis for trustee actions—subject always to the trustees’ general duties and any other applicable requirements.
For practitioners, the Order is also important for due diligence and legal documentation. When preparing trust deeds, investment mandates, trustee resolutions, or compliance checklists, counsel typically confirm whether the relevant unit trust scheme is authorised under the Trustees Act. This Order provides that confirmation for “The Schroder Asian Balanced Fund.” It may also be relevant when reviewing historical transactions—such as whether a particular investment was made at a time when the scheme was authorised, and whether the trustee’s conduct aligns with the statutory framework in force at the time.
Related Legislation
- Trustees Act (Cap. 337) — in particular, section 83 (power to make orders declaring 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. 16) Order 2002 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.