Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 18) Order 2002
- Act Code: TA1967-S258-2002
- Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Key Enabling Provision: Section 83 of the Trustees Act
- Enacting Date: Made on 28 May 2002
- Commencement Date: Not stated in the extract (commencement typically follows the making/notification of the Order)
- Legislative Status: Current version as at 27 Mar 2026
- Legislative Citation: SL 258/2002
- Primary Effect: Declares “DBS Swing Fund 5.0/2” as an authorised unit trust scheme
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 18) Order 2002 is a short but legally significant instrument. Its purpose is to designate a specific investment product—namely, “DBS Swing Fund 5.0/2”—as an authorised unit trust scheme under the Trustees Act (Cap. 337). In practical terms, the Order is a formal gateway that allows the scheme to be treated as authorised for the purposes of the Act.
In Singapore’s regulatory framework, unit trust schemes are not simply “private arrangements” between investors and managers. They are subject to statutory oversight, and the Trustees Act provides the legal architecture for authorisation, regulation, and compliance. This particular Order does not create a new regulatory regime from scratch. Instead, it applies the existing regime by making a targeted declaration for one named scheme.
Because the Order is made under section 83 of the Trustees Act, it reflects the Minister for Law’s power to authorise particular unit trust schemes. The scope is therefore narrow: it concerns the status of one scheme (DBS Swing Fund 5.0/2) and the legal consequences that follow from being “authorised” under the Act.
What Are the Key Provisions?
Section 1 (Citation) provides the short title of the instrument: “Trustees (Authorised Unit Trust Scheme) (No. 18) Order 2002.” While this may appear procedural, citation provisions matter for legal practice because they determine how the instrument is referenced in filings, compliance documentation, and regulatory correspondence.
Section 2 (Authorised unit trust scheme) is the substantive provision. It states that “the DBS Swing Fund 5.0/2 is hereby declared as an authorised unit trust scheme for the purposes of the Act.” This single sentence performs the core legal function: it confers the statutory status of authorisation under the Trustees Act.
From a practitioner’s perspective, the key point is that the Order does not describe the scheme’s investment strategy, trustee arrangements, or operational requirements. Those matters are typically addressed in the authorisation process under the Trustees Act and any related regulatory instruments, conditions, or approvals. Instead, this Order is the formal declaration that the scheme has met the statutory threshold and is recognised as authorised.
Enacting formula and making clause confirm the legal authority and the decision-maker. The Order is made “in exercise of the powers conferred by section 83 of the Trustees Act” by the Minister for Law. The making clause records that it was made on 28 May 2002 by Liew Heng San, Permanent Secretary, Ministry of Law. For legal validity and audit trails, these elements are important: they show that the declaration is grounded in the correct statutory power and issued by the competent authority.
How Is This Legislation Structured?
The instrument is structured in a very streamlined manner, consistent with many “authorisation orders” in Singapore. It contains:
(1) An enacting formula that identifies the enabling power (section 83 of the Trustees Act) and the Minister for Law’s authority to make the Order.
(2) A citation provision (Section 1) that sets out the short title.
(3) A substantive declaration (Section 2) that names the specific unit trust scheme and declares it authorised for the purposes of the Trustees Act.
There are no additional parts, schedules, or detailed conditions in the extract provided. This reflects the nature of the Order: it is a targeted legal act of designation rather than a comprehensive regulatory code.
Who Does This Legislation Apply To?
The Order applies to the unit trust scheme identified by name: DBS Swing Fund 5.0/2. In legal effect, it is relevant to the scheme’s trustee(s), management company, and any parties acting in reliance on the scheme’s authorised status for activities that fall within the Trustees Act framework.
More broadly, the authorisation status can affect how the scheme is marketed, administered, and supervised under the Act. While the Order itself is addressed to the scheme (by declaring it authorised), the practical beneficiaries and compliance stakeholders include those responsible for ensuring that the scheme continues to meet the statutory expectations that attach to authorised unit trust schemes.
Why Is This Legislation Important?
Although the Order is brief, it is important because authorisation is often a prerequisite for lawful operation within a regulated financial product category. In many regulatory regimes, being “authorised” is not merely a label—it determines whether the scheme may be offered or managed under the statutory framework, and whether it is subject to the relevant oversight and compliance obligations.
For practitioners, the Order is a key document when advising on matters such as regulatory status, due diligence, and documentation. For example, when reviewing offering materials, trustee arrangements, or compliance statements, lawyers may need to confirm that the scheme is indeed authorised under the Trustees Act. This Order provides the official legal basis for that confirmation.
Additionally, the existence of “(No. 18)” indicates that authorisation orders are issued in numbered series. This can matter in legal research and audit contexts: counsel may need to locate the correct authorisation instrument corresponding to the scheme’s authorisation history, including any subsequent amendments, replacements, or re-authorisations (if any). The metadata indicates the instrument is “current version as at 27 Mar 2026,” which suggests that the declaration remains in force in the current consolidated view, subject to any later changes not shown in the extract.
Related Legislation
- Trustees Act (Cap. 337) — the principal Act under which the Minister’s power to authorise unit trust schemes is exercised (including section 83).
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 18) Order 2002 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.