Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 17) Order 2003
- Act Code: TA1967-S496-2003
- Legislation Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Enacting Authority: Minister for Law
- Legal Power Used: Section 83 of the Trustees Act
- Citation: Trustees (Authorised Unit Trust Scheme) (No. 17) Order 2003
- Key Provisions: Section 1 (Citation); Section 2 (Declaration of authorised unit trust schemes)
- Made Date: 21 October 2003
- Publication Reference: SL 496/2003
- Status: Current version as at 27 March 2026 (per the legislation portal)
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 17) Order 2003 is a Singapore subsidiary legislation instrument that formally “declares” specific investment funds as authorised unit trust schemes for the purposes of the Trustees Act. In practical terms, the Order is not a general regulatory framework for unit trusts; rather, it is a targeted authorisation step that enables particular funds to fall within the statutory category of “authorised” schemes.
Unit trust schemes are collective investment arrangements in which investors pool money and hold units representing interests in an underlying portfolio. The Trustees Act contains provisions that regulate how trustees may deal with certain investments. For trustees (and related persons acting in a fiduciary capacity), whether a unit trust scheme is “authorised” can be crucial: it affects the range of investments that trustees are permitted to hold and the compliance expectations that follow from that status.
This Order therefore serves a specific function in the statutory ecosystem: it identifies two named funds—DBS Star Track (S$) II and DBS Star Track (US$) II—and declares them authorised for the purposes of the Trustees Act. Once declared, these funds can be treated as authorised unit trust schemes when trustees consider their investment powers and duties under the Act.
What Are the Key Provisions?
Section 1 (Citation) provides the short title of the instrument. This is a standard provision used to identify the Order in legal documents, correspondence, and references in court or regulatory materials.
Section 2 (Authorised unit trust schemes) is the substantive operative provision. It states that “the following funds are hereby declared as authorised unit trust schemes for the purposes of the Act” and then lists the specific funds in two paragraphs:
(a) DBS Star Track (S$) II
(b) DBS Star Track (US$) II
In plain language, Section 2 is the legal mechanism by which the Minister for Law grants the statutory “authorised” label to these two funds. The wording “hereby declared” indicates that authorisation is conferred by the Order itself, rather than by some separate application or approval process described within the Order. The Order is made under the Minister’s powers in section 83 of the Trustees Act.
Enacting formula and enabling power (section 83 of the Trustees Act) are also important for practitioners. The extract indicates that the Minister acts “in exercise of the powers conferred by section 83 of the Trustees Act.” This matters because it ties the authorisation to the legislative intent and limits of the statutory power. When advising trustees or reviewing investment compliance, lawyers typically need to confirm that the authorisation is grounded in the correct statutory authority. Here, the authorisation is clearly anchored to section 83.
Made date and formalities (21 October 2003) confirm the instrument’s effective point in time. While the extract does not specify a separate commencement date, the Order’s status as “current version” suggests it remains relevant for the funds it authorises, subject to any later amendments, revocations, or changes in the underlying funds’ status (which would typically be assessed by checking the latest legislative and fund documentation).
How Is This Legislation Structured?
This Order is structured in a very concise format, consistent with many authorisation orders under Singapore legislation. It contains:
(1) A citation provision (Section 1), allowing the Order to be referenced by name; and
(2) A single operative provision (Section 2), which lists the authorised unit trust schemes.
There are no schedules, parts, or detailed regulatory requirements within the text provided. The Order’s function is declaratory and enumerative: it identifies the funds that are authorised under the Trustees Act. As a result, practitioners should treat this Order as a “status instrument” rather than a comprehensive regulatory code.
Who Does This Legislation Apply To?
The Order applies to persons and entities whose investment decisions are governed by the Trustees Act, particularly trustees and those acting in fiduciary capacities who must consider what investments they may lawfully hold. The authorisation of unit trust schemes is relevant because trustees often have statutory or trust-deed constraints on investments, and the Trustees Act provides a framework for permissible investments.
Although the Order itself does not expressly address trustees’ duties, the phrase “for the purposes of the Act” indicates that the authorisation is intended to operate within the Trustees Act’s investment rules. Accordingly, the practical beneficiaries of the Order are trustees who want to invest in, or continue holding, the specified DBS Star Track funds, and legal advisers who must confirm whether those funds fall within the authorised category.
In addition, the fund manager or sponsor of the named unit trust schemes may also be indirectly affected, because authorisation can influence marketability to trustees and compliance pathways for institutional investors. However, the legal effect described in the extract is directed to the statutory purpose under the Trustees Act, not to retail marketing or licensing requirements.
Why Is This Legislation Important?
For practitioners, the importance of this Order lies in its compliance utility. When advising trustees, solicitors and compliance officers must determine whether a particular unit trust scheme is authorised under the Trustees Act. An authorisation order like this one provides a clear legal basis to confirm that the named funds are within the authorised list.
Authorised status can be pivotal in several scenarios: trustees reviewing their investment portfolios; trustees responding to beneficiary instructions; trustees conducting periodic rebalancing; and trustees handling trust administration tasks where investment powers must be exercised prudently and within legal constraints. If a fund is not authorised, trustees may face restrictions or need to consider alternative investments or obtain appropriate approvals (depending on the broader statutory framework and the trust deed).
From an enforcement and risk perspective, relying on an incorrect investment classification can expose trustees to legal and professional risk. This Order reduces that risk by providing an official declaration. It also supports defensible decision-making: a trustee’s records can reference the authorisation order when documenting why a particular unit trust scheme was selected or retained.
Finally, the Order’s narrow scope underscores a broader lesson for legal practice: trustees’ investment compliance is often built from multiple instruments—Acts, regulations, and specific authorisation orders. Even where the main regulatory architecture is contained in the Trustees Act, the “authorised” status of particular funds may depend on discrete ministerial orders like this one.
Related Legislation
- Trustees Act (Cap. 337) — in particular, section 83 (the enabling provision for authorisation orders)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 17) Order 2003 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.