Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 19) Order 2001
- Act Code: TA1967-S298-2001
- Legislation Type: Subsidiary legislation (Order)
- Authorising Act: Trustees Act (Cap. 337)
- Enacting Authority: Minister for Law
- Enactment Date: Made on 1 June 2001
- Commencement: Not stated in the extract (typically effective upon making unless otherwise provided)
- Legislative Instrument Number: SL 298/2001
- Current Status (as provided): Current version as at 27 Mar 2026
- Key Provisions (from extract): Section 1 (Citation); Section 2 (Authorised unit trust scheme)
- Declared Scheme: “OCBC Multi Advisor Program”
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 19) Order 2001 is a short, targeted piece of subsidiary legislation made under the Trustees Act. In practical terms, it performs a single regulatory function: it designates a particular collective investment arrangement—identified by name—as an “authorised unit trust scheme” for the purposes of the Trustees Act.
In Singapore’s legal framework, the term “authorised unit trust scheme” is not merely descriptive. It is a legal status that triggers the application of the Trustees Act’s regulatory regime to the relevant scheme and its trustee. The Order therefore matters to market participants because it determines whether a named scheme falls within the statutory category that the Act regulates.
While the extract provided contains only two operative provisions, the legal effect can be significant. Once a scheme is declared “authorised,” it becomes eligible to operate under the statutory framework governing unit trust schemes and trustees. This can affect compliance obligations, governance arrangements, and the legal posture of the trustee and scheme management in relation to the Act.
What Are the Key Provisions?
Section 1 (Citation) provides the formal name by which the Order may be cited. This is standard drafting. For practitioners, the citation is useful when locating the instrument in legislation databases, referencing it in filings, or identifying the specific designation order relevant to a scheme.
Section 2 (Authorised unit trust scheme) is the operative provision. It states that the “OCBC Multi Advisor Program” is hereby declared as an authorised unit trust scheme for the purpose of the Act. This declaration is the legal mechanism by which the scheme receives the status required for the Trustees Act’s regime to apply.
From a practitioner’s perspective, the phrase “for the purpose of the Act” is important. It indicates that the designation is not merely for administrative convenience; it is intended to bring the scheme within the statutory definitions and consequences under the Trustees Act. Although the extract does not reproduce the Trustees Act provisions, the designation typically relates to how trustees administer unit trust schemes, including matters such as trustee duties, scheme administration, and regulatory oversight.
Enacting formula and enabling power also matter. The Order states that it is made “in exercise of the powers conferred by section 83 of the Trustees Act.” This tells lawyers that the Minister for Law’s authority to designate authorised schemes is statutory. In other words, the designation is not discretionary in an unbounded sense; it is grounded in a specific enabling provision. When advising on the validity or scope of the designation, practitioners often look to the enabling section to confirm that the Minister acted within the statutory power.
Made this 1st day of June 2001 and the signature block (“LIEW HENG SAN, Permanent Secretary, Ministry of Law, Singapore”) confirm the formal making of the instrument. For legal certainty, the date and the signatory help establish the instrument’s provenance and can be relevant in disputes about whether a scheme was authorised at a particular time.
How Is This Legislation Structured?
This Order is structured in a very concise format, reflecting its narrow regulatory purpose. 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) Section 1 (Citation) setting out the short title.
(3) Section 2 (Authorised unit trust scheme) declaring the specific scheme—“OCBC Multi Advisor Program”—as an authorised unit trust scheme for the purposes of the Trustees Act.
There are no schedules, definitions, or detailed compliance requirements in the extract. Instead, the Order functions as a “designation instrument,” while the substantive obligations and regulatory consequences are expected to be found in the Trustees Act itself and any other relevant subsidiary legislation or regulatory guidance.
Who Does This Legislation Apply To?
The Order applies to the extent that it designates the “OCBC Multi Advisor Program” as an authorised unit trust scheme. In legal practice, this designation primarily concerns the trustee of the scheme and the scheme operators/management who administer the unit trust arrangement under the statutory framework.
However, the Order’s practical reach also extends to investors and distributors indirectly. Investors rely on the legal status of the scheme when assessing regulatory protections and the governance structure under the Trustees Act. Distributors may need to ensure that the product they market corresponds to a scheme that is properly authorised under the relevant legislation.
Because the Order is scheme-specific, it does not create a general rule for all unit trust schemes. It is best understood as one item in a broader set of “authorised unit trust scheme” orders—each naming a particular scheme. Lawyers should therefore treat it as part of a catalogue of designations rather than a standalone regulatory code.
Why Is This Legislation Important?
Even though the Order is brief, it is legally consequential. The designation of a scheme as an “authorised unit trust scheme” is often a prerequisite for lawful operation under the Trustees Act’s framework. For practitioners, this means that the Order can be central evidence in matters such as product eligibility, compliance posture, and the legal characterisation of the scheme in contractual and regulatory contexts.
From a compliance and risk perspective, the Order helps establish that the scheme has been formally recognised by the competent authority. When advising trustees, scheme management, or financial institutions involved in distribution, lawyers typically need to confirm that the scheme is properly authorised at the relevant time. The date “1 June 2001” and the instrument number “SL 298/2001” can be critical when assessing whether authorisation existed when particular transactions were made.
In disputes or regulatory reviews, the designation may also be relevant to determining what statutory duties and oversight mechanisms apply. While the extract does not list those duties, the legal logic is straightforward: once a scheme is authorised, the Trustees Act’s provisions governing authorised unit trust schemes become relevant to the trustee’s conduct and the scheme’s administration. This can affect how lawyers frame arguments about compliance, breach, and remedies.
Finally, the Order’s existence underscores a broader point about Singapore’s regulatory approach: authorisation is often implemented through specific instruments rather than through a single comprehensive statute. For practitioners, this means diligence requires checking not only the Trustees Act but also the relevant authorisation orders that name the particular scheme.
Related Legislation
- Trustees Act (Cap. 337), in particular section 83 (the enabling power referenced in the Order)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 19) Order 2001 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.