Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 16) Order 2003
- Act Code: TA1967-S473-2003
- Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Key Power Used: Section 83 of the Trustees Act
- Citation: Trustees (Authorised Unit Trust Scheme) (No. 16) Order 2003
- Enacting Date: Made on 29 September 2003
- Commencement / Version Date Shown in Extract: 1 October 2003 (SL 473/2003)
- Current Version Status (per extract): Current version as at 27 March 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. 16) Order 2003 is a Singapore subsidiary legislative instrument made under the Trustees Act (Cap. 337). Its core function is narrow but legally significant: it formally declares two specified investment funds as “authorised unit trust schemes” for the purposes of the Trustees Act.
In practical terms, the Order is part of the regulatory framework governing unit trust schemes that operate in Singapore and that fall within the Trustees Act’s oversight. The Trustees Act establishes a legal regime for trustees and certain collective investment arrangements. Within that regime, the term “authorised unit trust scheme” is a legal status that enables the scheme to be treated as authorised under the Act, which can affect how the scheme is administered and how trustee-related obligations apply.
This particular Order does not create a broad regulatory code. Instead, it performs an administrative/legislative “designation” step: it identifies particular funds—by name—and grants them the statutory label of authorised unit trust schemes. That designation can be crucial for market participants, compliance officers, and legal advisers who must determine whether a given fund is within the scope of the Trustees Act’s authorisation framework.
What Are the Key Provisions?
Section 1 (Citation) provides the short title of the Order. This is standard legislative drafting and is mainly relevant for legal referencing, pleadings, and compliance documentation.
Section 2 (Authorised unit trust schemes) is the substantive provision. It states that “the following funds are hereby declared as authorised unit trust schemes for the purposes of the Act.” The Order then lists two funds:
- (a) United S$ Convertible Bond Fund
- (b) United US$ Convertible Bond Fund
From a practitioner’s perspective, the legal effect of Section 2 is that these named funds obtain the statutory status of “authorised unit trust schemes” under the Trustees Act. The phrase “for the purposes of the Act” matters: it indicates that the authorisation is not merely a general regulatory endorsement, but a designation that triggers the operation of the Trustees Act’s provisions wherever they depend on whether a unit trust scheme is authorised.
Enacting formula and ministerial power are also important for legal interpretation. The Order is made “in exercise of the powers conferred by section 83 of the Trustees Act.” This signals that the Minister for Law (as the maker of the Order) has a statutory authority to declare specific funds as authorised unit trust schemes. For lawyers, this is relevant when assessing validity, scope of discretion, and whether the designation is properly grounded in the enabling legislation.
Made date and formalities (“Made this 29th day of September 2003”) confirm the instrument’s authenticity and the date of ministerial action. The extract also shows the published legislative reference as “SL 473/2003” with a version date of 1 October 2003. While the extract does not explicitly state the commencement clause, the publication/version date is typically used by practitioners to determine the period during which the Order (and its authorisation effect) applies.
How Is This Legislation Structured?
The Order is extremely concise and structured into only two operative provisions:
- Section 1: Citation (short title).
- Section 2: Authorised unit trust schemes (the declaration and the list of funds).
There are no additional parts, schedules, definitions, or procedural requirements in the extract. This is characteristic of many “authorisation orders” under Singapore’s legislative framework: the detailed regulatory requirements are typically found in the principal Act (here, the Trustees Act) and any subsidiary regulations or guidelines made under it, while the Order itself performs the specific designation of funds.
Who Does This Legislation Apply To?
The Order applies to the named funds—United S$ Convertible Bond Fund and United US$ Convertible Bond Fund—by declaring them to be “authorised unit trust schemes” for the purposes of the Trustees Act. However, the practical impact extends beyond the funds themselves to the legal and compliance ecosystem around them.
In practice, the designation affects parties who must determine whether a unit trust scheme is authorised under the Trustees Act framework. These parties commonly include trustees, fund managers, distributors, compliance officers, and legal advisers responsible for ensuring that the scheme’s operations, documentation, and trustee-related duties align with the statutory regime. While the Order does not directly regulate conduct in the way a detailed regulatory regulation would, the authorised status is often a gateway condition for the application of other statutory obligations and permissions under the Trustees Act.
Why Is This Legislation Important?
Although the Order is brief, it is legally important because it confers a specific statutory status. In regulated finance, labels such as “authorised” are not merely descriptive—they can determine whether a scheme is within a particular legal category and whether certain statutory mechanisms apply. For practitioners, the authorisation status can be decisive when advising on regulatory compliance, contractual arrangements involving trustees, and the legal treatment of the scheme under the Trustees Act.
From an enforcement and risk perspective, the authorisation designation helps create legal certainty. If a fund is declared authorised under Section 2, stakeholders can rely on that status when structuring governance and trustee arrangements. Conversely, if a fund is not authorised (or if the authorisation has lapsed or been superseded by later instruments), parties may face heightened regulatory risk, including potential breaches of statutory requirements or the need to restructure arrangements to comply with the applicable regime.
For due diligence and ongoing compliance, the Order also illustrates a key legal practice: authorisation may be conferred by discrete ministerial orders rather than by a single comprehensive regulation. Lawyers advising on fund launches, corporate actions, or changes to fund names and share classes must therefore check not only the principal Act but also the relevant authorisation orders and their current versions. The extract’s “current version as at 27 March 2026” indicator underscores that practitioners should verify whether the authorisation remains current, whether amendments exist, and whether any later orders have affected the status of the same funds.
Related Legislation
- Trustees Act (Cap. 337) — in particular, section 83 (the enabling provision for making authorisation orders)
- Other “Authorised Unit Trust Scheme” Orders (issued under the same enabling power, designating other funds)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 16) Order 2003 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.