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)
- Power Used: Section 83 of the Trustees Act
- Enacting Date: 11 June 2002
- Commencement: Not stated in the extract (commonly the date of making/notification, but practitioners should confirm in the official gazette record)
- Legislative Citation: SL 278/2002
- Current Status: Current version as at 27 Mar 2026
- Key Provision: Section 2 declares specific funds as “authorised unit trust schemes” for purposes of the Trustees Act
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 19) Order 2002 is a short piece of Singapore subsidiary legislation that performs a specific regulatory function: it designates particular investment funds as “authorised unit trust schemes” under the Trustees Act (Cap. 337). In practical terms, the Order tells trustees and other regulated persons that certain named funds are eligible to be treated as authorised schemes for the Act’s purposes.
Although the Order is brief, its effect can be significant for trustees administering trusts and for any professional advisers involved in trust investments. Under the Trustees Act framework, trustees may be constrained by statutory rules on what kinds of investments they can make. One way the law manages risk and investor protection is by allowing only certain categories of unit trust schemes to be treated as authorised. This Order is one of a series of such “authorisation” instruments.
In this particular case, the Minister for Law authorises two named funds: the Schroder Asian Bond Fund and the Schroder Medical Discovery Fund. Once authorised, these funds can fall within the statutory investment permissions (or related compliance expectations) that depend on whether a unit trust scheme is “authorised” under the Trustees Act.
What Are the Key Provisions?
Section 1 (Citation) provides the formal short title of the instrument: the Trustees (Authorised Unit Trust Scheme) (No. 19) Order 2002. While this does not affect substantive rights, it is important for legal referencing, drafting, and citation in correspondence, filings, and advice.
Section 2 (Authorised unit trust schemes) is the 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 two funds. The legal consequence is that these funds are treated as authorised schemes under the Trustees Act regime.
From a practitioner’s perspective, the key is the phrase “for the purposes of the Act.” This indicates that the authorisation is not merely descriptive; it is intended to trigger specific statutory effects elsewhere in the Trustees Act. Those effects may include (depending on the relevant section(s) of the Trustees Act) whether trustees can invest trust property in such schemes, how trustees should classify investments, and what compliance standards apply when trustees choose unit trust investments.
Enacting formula and enabling power also matter. The Order is made “in exercise of the powers conferred by section 83 of the Trustees Act.” This confirms that the authorisation is a delegated legislative act. Practically, it means that the Minister’s designation is the legally required mechanism for bringing a fund within the “authorised” category. For lawyers, this is useful when assessing validity, scope, and whether a fund’s authorised status depends strictly on the existence of a current order naming it.
Finally, the Order is dated “11th day of June 2002” and signed by the Permanent Secretary, Ministry of Law, Singapore. This signature and date are relevant for determining the instrument’s legal making and for historical versioning. The extract also shows that the instrument is currently available as a “current version” as at 27 March 2026, but practitioners should still verify whether there have been amendments, revocations, or replacements affecting the continuing authorisation of the named funds.
How Is This Legislation Structured?
This Order is structured in a conventional, minimalist format typical of authorisation instruments under Singapore subsidiary legislation. It contains:
(1) An enacting formula identifying the enabling power (section 83 of the Trustees Act) and the Minister’s authority to make the Order.
(2) A citation provision (Section 1) setting out the short title.
(3) A single substantive provision (Section 2) listing the authorised unit trust schemes.
There are no additional parts, schedules, conditions, or procedural requirements shown in the extract. That absence is itself meaningful: the authorisation is categorical for the named funds, without additional conditions stated within the Order text. If conditions exist, they would likely be found in the Trustees Act itself or in other regulatory instruments governing unit trust schemes and their operation.
Who Does This Legislation Apply To?
The Order applies primarily to trustees and to persons whose investment decisions or compliance obligations are governed by the Trustees Act. In practice, this includes professional trustees, trust companies, and advisers who support trustees in selecting investments. The authorisation status of a unit trust scheme can determine whether a trustee can lawfully hold or acquire that scheme as part of trust property, depending on the relevant investment rules in the Trustees Act.
It also indirectly affects unit trust management companies and fund administrators, because being named in an authorised unit trust scheme order can broaden the potential trustee investor base. However, the legal obligations created by this Order are directed at the trustees’ statutory framework rather than imposing operational duties on the fund manager within the text of this instrument.
Because the Order is an “authorisation” order, its practical reach is best understood by mapping it to the relevant provisions of the Trustees Act that refer to “authorised unit trust schemes.” Lawyers should therefore read this Order alongside the investment-related sections of the Trustees Act to confirm the exact statutory consequences triggered by authorisation.
Why Is This Legislation Important?
Even though the Order is short, it is important because it forms part of the legal infrastructure that enables trustees to invest in collective investment schemes while maintaining a level of regulatory oversight. The authorisation mechanism helps ensure that trustees are not left to invest in any unit trust scheme at will; instead, there is a defined list of schemes that have been formally designated for the Trustees Act’s purposes.
For practitioners, the key value is certainty. When advising trustees, lawyers must be able to answer whether a particular fund is “authorised” under the Trustees Act. This Order provides that answer for the two named Schroder funds. In due diligence and investment documentation, such authorisation status can be a critical fact supporting the legality and prudence of the trustee’s investment decisions.
From an enforcement and risk-management standpoint, the importance lies in avoiding compliance failures. If a trustee invests in a unit trust scheme that is not authorised (or whose authorisation has lapsed or been superseded), the trustee may face legal exposure depending on the Trustees Act’s consequences and the trustee’s duties. While this Order itself does not describe penalties, the underlying statutory framework likely provides remedies or grounds for challenge if trustees breach investment constraints.
Finally, the “current version as at 27 Mar 2026” notation indicates that the instrument remains accessible and may still be relevant. However, practitioners should not assume permanence. Authorisation orders can be amended, replaced, or revoked over time. Therefore, lawyers should check the legislation timeline and any amendment annotations to confirm whether the funds remain authorised under the latest legal position.
Related Legislation
- Trustees Act (Cap. 337) — in particular, section 83 (the enabling provision for authorisation orders) and the provisions that confer investment permissions or obligations based on “authorised unit trust schemes”.
- Other “Trustees (Authorised Unit Trust Scheme) … Orders” — similar subsidiary instruments that designate other funds as authorised under the same framework.
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.