Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 19) Order 2002
- Act Code: TA1967-S278-2002
- Type: Subsidiary Legislation (SL)
- Enacting Authority: Minister for Law
- Authorising Act: Trustees Act (Cap. 337)
- Legal Power Used: Section 83 of the Trustees Act
- Citation: Trustees (Authorised Unit Trust Scheme) (No. 19) Order 2002
- Date Made: 11 June 2002
- Commencement: Not stated in the extract (commencement typically follows the publication/notification date unless otherwise provided)
- Current Status: Current version as at 27 Mar 2026
- Key Provision: Section 2 (declares specified funds as “authorised unit trust schemes” for purposes of the Trustees Act)
- Authorised Funds (Section 2): (a) Schroder Asian Bond Fund; (b) Schroder Medical Discovery Fund
- Legislative Instrument Number: SL 278/2002
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 19) Order 2002 is a piece of Singapore subsidiary legislation made under the Trustees Act. Its practical function is narrow but important: it formally “declares” certain investment funds as authorised unit trust schemes for the purposes of the Trustees Act.
In plain language, the Order tells trustees, custodians, and other persons who must comply with the Trustees Act that the two named funds—Schroder Asian Bond Fund and Schroder Medical Discovery Fund—are approved categories of unit trust schemes. Once declared, these funds can be treated as eligible investments within the legal framework governing trustees’ investment powers and duties under the Act.
Although the Order itself is short, it sits within a broader regulatory architecture. The Trustees Act governs how trustees may deal with trust property, including what kinds of investments are permitted or treated as suitable. The “authorised unit trust scheme” designation is a legal mechanism that reduces uncertainty for trustees by providing an official list of schemes that meet the statutory criteria for recognition.
What Are the Key Provisions?
Section 1 (Citation) provides the formal name by which the Order may be cited. This is standard legislative drafting, but it matters for legal referencing, compliance documentation, and audit trails. Practitioners often rely on the citation when preparing investment policies, trustee resolutions, or compliance checklists.
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”:
- (a) Schroder Asian Bond Fund
- (b) Schroder Medical Discovery Fund
This declaration is the legal trigger. The phrase “for the purposes of the Act” indicates that the designation is not merely descriptive; it has legal consequences under the Trustees Act. In practice, trustees and their advisers will use the designation to determine whether a particular unit trust scheme can be held, recommended, or otherwise used as trust property in compliance with statutory investment rules.
Enacting formula and statutory authority are also significant for practitioners. The Order is made “in exercise of the powers conferred by section 83 of the Trustees Act.” This matters because it confirms the Minister’s delegated authority to designate authorised schemes. Where a trustee’s ability to invest depends on statutory authorisation, the validity of the designation—and the existence of the enabling power—becomes a key compliance consideration.
Form and legislative effect: The Order is a standalone instrument with only two sections. That brevity is typical for “listing” orders. The legal effect is therefore concentrated: once the Order is in force (and subject to any later amendments or revocations), the named funds are within the authorised category. Practitioners should still check whether there have been later orders that add, amend, or supersede the list, and whether the scheme names correspond exactly to the fund names used in offering documents and trustee investment mandates.
How Is This Legislation Structured?
The Order is structured as a short subsidiary instrument with:
- Section 1: Citation.
- Section 2: The list of authorised unit trust schemes (the two named Schroder funds).
There are no schedules in the extract, and no additional conditions, reporting requirements, or procedural steps are set out within the Order itself. Instead, the Order functions as a formal declaration within the statutory framework of the Trustees Act. The “structure” is therefore essentially a legal listing mechanism rather than a comprehensive regulatory code.
Who Does This Legislation Apply To?
The Order applies to persons who must act “for the purposes of the Act” under the Trustees Act—most directly, trustees (including professional trustees and corporate trustees) who manage trust property and must comply with statutory investment rules. It may also be relevant to trustees’ advisers, compliance officers, and investment managers acting on behalf of trustees, because they need to know which unit trust schemes are legally recognised as authorised.
While the Order itself does not impose obligations in the way a regulatory licensing statute might, it affects decision-making and compliance. For example, a trustee’s investment policy may require that investments fall within authorised categories. The designation of these two funds as authorised unit trust schemes provides a legal basis for including them within the trustee’s permissible investment universe.
Why Is This Legislation Important?
Even though the Order is short, it can be highly consequential in trustee practice. Trustees are fiduciaries with duties to act prudently and in the best interests of beneficiaries. Investment decisions are therefore not merely commercial choices; they are legal actions that must align with statutory constraints. An “authorised unit trust scheme” designation helps trustees demonstrate that a particular fund is within the category recognised by law.
From a risk management perspective, the Order reduces uncertainty. Without an official declaration, trustees might face questions about whether a particular unit trust scheme is permitted under the Trustees Act framework. By listing the Schroder funds, the Order provides a clear reference point for compliance checks, audit documentation, and internal governance processes.
Practitioners should also appreciate the importance of version control. The extract indicates the Order is “current version as at 27 Mar 2026.” In practice, trustees and counsel should verify whether later amendments exist that alter the authorised list or affect the scheme’s status. Where a trustee holds units in a fund, the trustee should ensure that the fund remains within the authorised category for the relevant period and that the scheme name matches the declared name in the relevant order.
Related Legislation
- Trustees Act (Cap. 337) — in particular, section 83 (power to declare authorised unit trust schemes)
- Other “Authorised Unit Trust Scheme” Orders (as applicable) — subsequent or parallel orders may add or update the list of authorised schemes
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 19) Order 2002 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.