Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 17) Order 2002
- Act Code: TA1967-S257-2002
- Type: Subsidiary Legislation (SL)
- Legislative Status: Current version as at 27 Mar 2026
- SL Number: SL 257/2002
- Date Made: 28 May 2002
- Date of Citation/Commencement (as reflected in the extract): 29 May 2002
- Authorising Act: Trustees Act (Cap. 337)
- Key Enabling Provision: Section 83 of the Trustees Act
- Key Provisions (from extract): Sections 1–2
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 17) Order 2002 is a short piece of subsidiary legislation that performs a specific regulatory function: it designates a particular collective investment product—namely, the “80 Plus Series 2”—as an authorised unit trust scheme for the purposes of the Trustees Act.
In plain language, the Order tells the market and regulators that the specified unit trust scheme has been approved (or “authorised”) under the statutory framework governing unit trusts and trustees in Singapore. Once a scheme is authorised, it can operate within the legal regime that applies to authorised unit trust schemes, including any compliance obligations and regulatory permissions that flow from the Trustees Act.
Although the Order itself contains only two operative provisions, it sits within a broader system of authorisations. In practice, such Orders are used to bring particular schemes within the scope of the Trustees Act by naming them individually. This approach allows the Minister (for Law) to authorise schemes without needing to amend the Trustees Act each time a new scheme is brought to market.
What Are the Key Provisions?
Section 1 (Citation) provides the formal short title of the instrument: “Trustees (Authorised Unit Trust Scheme) (No. 17) Order 2002”. This is standard legislative drafting and primarily assists in referencing the Order in legal documents, regulatory filings, and correspondence.
Section 2 (Authorised unit trust scheme) is the substantive provision. It declares that “the 80 Plus Series 2” is hereby declared as an authorised unit trust scheme for the purposes of the Trustees Act.
From a practitioner’s perspective, the key legal effect of Section 2 is the statutory designation. The phrase “for the purposes of the Act” is important: it means the authorisation is not merely descriptive; it triggers the consequences that the Trustees Act attaches to authorised unit trust schemes. Those consequences may include (depending on the Trustees Act’s provisions and any related subsidiary legislation) requirements relating to the trustee’s role, scheme administration, disclosures, and the legal status of the scheme in the regulatory ecosystem.
Enacting formula and enabling power: 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 designate authorised unit trust schemes is statutory. For lawyers, this matters for validity and administrative law analysis: the authorisation must be grounded in the enabling provision, and any challenge would typically focus on whether the statutory conditions for authorisation under section 83 were satisfied.
Making date and formalities: The Order states it was made on 28 May 2002 by the Permanent Secretary, Ministry of Law. The formal signature and the reference “[LAW 20/003/123]” reflect the administrative record supporting the instrument. While these details are not usually the focus of substantive advice, they can be relevant when verifying the authenticity of the instrument or when compiling regulatory history for a transaction or compliance audit.
How Is This Legislation Structured?
This Order is extremely concise and is structured as a two-section instrument.
Section 1 is purely administrative (citation). Section 2 is the operative clause that identifies the scheme and declares it authorised. There are no schedules, definitions, or additional conditions in the extract provided. Accordingly, the legal work required by practitioners is often not in interpreting complex text within the Order itself, but in understanding how the authorisation interacts with the Trustees Act and any other regulatory instruments governing unit trusts.
In terms of document architecture, the Order follows the standard format for Singapore subsidiary legislation: an enacting formula referencing the enabling Act, a citation provision, and a single authorisation provision. The absence of further detail suggests that the substantive regulatory requirements are contained in the Trustees Act (and possibly other subsidiary legislation), while this Order functions as the “naming and authorising” mechanism for a specific scheme.
Who Does This Legislation Apply To?
The Order applies to the unit trust scheme identified as “80 Plus Series 2” and, by extension, to the trustee(s) and scheme operators responsible for administering the scheme in accordance with the Trustees Act. While the Order does not expressly list persons, authorisation is typically relevant to those who manage, market, or operate the scheme under the statutory framework.
More broadly, the authorisation affects how the scheme is treated by regulators and counterparties. For example, financial institutions, distributors, and investors may rely on the scheme’s authorised status when assessing regulatory compliance and the legal standing of the scheme’s operations. In disputes or compliance reviews, the existence of an authorisation Order is often a foundational fact.
Practically, lawyers advising trustees, fund managers, or distributors should treat the Order as one piece of a compliance chain: it confirms that the scheme has been brought within the authorised category under the Trustees Act, but it does not, by itself, replace the need to comply with the substantive obligations imposed by the Act and any applicable subsidiary legislation.
Why Is This Legislation Important?
Even though the Order is short, it is legally significant because it confers a formal regulatory status. In Singapore’s unit trust regulatory framework, “authorised” status is not merely a label; it is the gateway to the statutory regime governing unit trust schemes under the Trustees Act. For practitioners, this means the Order can be critical evidence in matters such as regulatory filings, due diligence, licensing/authorisation checks, and contractual representations.
From a compliance standpoint, the authorisation helps establish that the scheme is recognised under the Trustees Act. This can affect how the trustee structures its governance, how scheme documentation is prepared, and how disclosures are made. It can also be relevant in internal risk assessments: if a scheme is not authorised, the trustee and related parties may face heightened legal risk, including potential breaches of statutory requirements or regulatory prohibitions.
From a transaction and advisory perspective, the Order is also important for legal certainty. When advising investors or counterparties, lawyers often need to confirm whether a scheme is authorised as at a particular date. The instrument’s “current version” status (as at 27 Mar 2026) indicates that the authorisation remains in force in the consolidated legislative record, subject to any later amendments or revocations that may exist outside the extract. Accordingly, practitioners should check the legislation timeline and any subsequent amendments to confirm whether the authorisation has been superseded, amended, or withdrawn.
Finally, the Order illustrates a common regulatory technique: rather than embedding authorisation details in the main Act, Singapore uses subsidiary Orders to designate specific schemes. This allows the regulatory framework to remain stable while enabling the market to evolve. For lawyers, this means that “the law” for a particular scheme may be found across multiple instruments: the Trustees Act (substantive rules) plus the relevant authorisation Orders (scheme-specific status).
Related Legislation
- Trustees Act (Cap. 337) — in particular, section 83 (the enabling provision referenced in the Order)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 17) Order 2002 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.