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 Power: Section 83 of the Trustees Act
- Citation: Trustees (Authorised Unit Trust Scheme) (No. 17) Order 2003
- Key Provision: Section 2 (declaration of authorised unit trust schemes)
- Declared Schemes: (a) DBS Star Track (S$) II; (b) DBS Star Track (US$) II
- Date Made: 21 October 2003
- SL Number: SL 496/2003
- Status (as indicated in extract): Current version as at 27 Mar 2026
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 17) Order 2003 is a short but legally significant instrument. In essence, it “authorises” specific unit trust funds for the purposes of the Trustees Act. The practical effect of such authorisation is that the declared funds are treated as eligible or recognised unit trust schemes under the statutory framework governing trustees and trust-related investments in Singapore.
Unit trusts are collective investment schemes in which investors pool money and receive units representing interests in the underlying portfolio. However, not every unit trust scheme is automatically treated the same way under trust law and trustee investment rules. The Trustees Act provides a mechanism for the Minister to declare certain unit trust schemes as “authorised” for the purposes of the Act. This Order is one such declaration.
Accordingly, the scope of this legislation is narrow: it does not create a general regulatory regime for all unit trusts. Instead, it identifies two particular funds—DBS Star Track (S$) II and DBS Star Track (US$) II—as authorised unit trust schemes. For practitioners, the key is understanding how this declaration interacts with trustee powers, permissible investments, and compliance expectations under the Trustees Act.
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 whether a particular fund is authorised under the Trustees Act. In practice, counsel often need to cite the relevant order when documenting trustee investment decisions or responding to queries from auditors, compliance teams, or counterparties.
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” and then lists two funds:
(a) DBS Star Track (S$) II
(b) DBS Star Track (US$) II
This declaration is the legal trigger. Once a fund is declared authorised, it falls within the category of unit trust schemes that trustees may rely on when exercising investment powers or meeting statutory requirements under the Trustees Act. The Order does not, in the extract provided, impose additional conditions, reporting duties, or ongoing compliance obligations. Those matters typically arise from the Trustees Act itself and from other regulatory frameworks applicable to unit trust schemes (for example, licensing and conduct requirements under the broader financial regulatory regime). The Order’s role is to confer the specific “authorised scheme” status for the Trustees Act.
Enacting formula and ministerial power are also important for interpretation. The Order is made “in exercise of the powers conferred by section 83 of the Trustees Act.” This indicates that the authorisation is not merely administrative; it is a statutory power with legal consequences. For practitioners, this supports the view that the declaration is intended to be relied upon as a matter of law, not as a policy statement.
Made date and signature (21 October 2003; signed by Liew Heng San, Permanent Secretary, Ministry of Law) confirm the formal validity of the instrument. While the extract does not provide commencement details, the “made” date and the publication as SL 496/2003 are typically sufficient for determining the period of effect, subject to any later amendments or consolidations. The extract also indicates the Order is “current version as at 27 Mar 2026,” meaning it remains in force in its declared form (at least as reflected in the database versioning).
How Is This Legislation Structured?
This Order is extremely concise and structured around a simple two-section format:
Section 1 sets out the citation provision.
Section 2 contains the declaration of the authorised unit trust schemes, listing the two DBS Star Track funds in separate paragraphs.
There are no additional parts, schedules, or complex definitions in the extract. The structure reflects the function of the instrument: it is a targeted declaration order rather than a comprehensive regulatory statute.
Who Does This Legislation Apply To?
The Order applies primarily to trustees and to any persons or entities whose conduct is governed by the Trustees Act in relation to investments in unit trust schemes. In legal practice, this includes trustees acting under trust instruments, trustees administering estates, and other fiduciaries who must comply with statutory investment rules or who need to determine whether a particular fund is permissible or recognised under the Trustees Act.
It also indirectly affects fund managers, distributors, and investors because authorisation status can influence whether trustees are willing or able to invest in the relevant funds. However, the legal obligation created by the Order is not directed at the public at large; rather, it provides a legal classification that trustees can use when making investment decisions under the Trustees Act.
For a practitioner, the key question is not “who must read this Order,” but “what legal consequences follow from a fund being declared authorised.” Those consequences will depend on the relevant provisions of the Trustees Act and any related subsidiary legislation or guidance governing trustee investments.
Why Is This Legislation Important?
Although the Order is brief, it can be highly consequential in trustee investment practice. Many trustee investment frameworks operate on the premise that only certain categories of investments are permissible or attract statutory recognition. By declaring DBS Star Track (S$) II and DBS Star Track (US$) II as authorised unit trust schemes, the Order helps trustees satisfy statutory conditions and reduces uncertainty about whether a particular fund falls within the authorised universe.
From a compliance perspective, authorisation orders are often used as documentary evidence. When trustees invest in unit trust funds, they may need to demonstrate that the investment is authorised under the Trustees Act. In audits, internal governance reviews, and regulatory examinations, trustees may be asked to show the legal basis for the investment. This Order provides that basis for the two specified funds.
For investors and advisers, the authorisation status can also affect product suitability. If a trustee’s mandate or statutory duties require investments to be in authorised schemes, then the availability of authorised status can determine whether the fund is eligible for trustee portfolios. In cross-border contexts, the existence of both a Singapore dollar and a US dollar version (DBS Star Track (S$) II and DBS Star Track (US$) II) may be relevant to trustees managing currency exposure and meeting investment objectives.
Finally, the fact that the Order remains listed as “current version” as at 27 March 2026 suggests that it continues to have legal effect. Practitioners should still verify whether any later amendments, revocations, or replacement orders exist for these funds, but the database status indicates that the declaration has not been superseded in the version reflected in the extract.
Related Legislation
- Trustees Act (Cap. 337) — in particular, section 83 (the enabling provision for making authorisation orders)
- Other “Authorised Unit Trust Scheme” Orders — issued from time to time to declare additional funds as authorised (useful for comparative eligibility checks)
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.