Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 2) Order 2002
- Act Code: TA1967-S94-2002
- Legislation Type: Subsidiary legislation (Order)
- Authorising Act: Trustees Act (Cap. 337)
- Key Enabling Provision: Section 83 of the Trustees Act
- Enacting Formula: Made by the Minister for Law in exercise of powers under section 83
- Citation: Trustees (Authorised Unit Trust Scheme) (No. 2) Order 2002
- Date Made: 20 February 2002
- Commencement: Not stated in the extract (practitioners should confirm in the official publication)
- Publication Reference: S 94/2002 (SL 94/2002)
- Status (per provided extract): Current version as at 27 March 2026
- Authorised Scheme Named: Govett Global Brands Fund
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 2) Order 2002 is a short but legally significant instrument. In plain terms, it is an official declaration by the Minister for Law that a particular collective investment vehicle—namely, the Govett Global Brands Fund—is an “authorised unit trust scheme” for the purposes of the Trustees Act.
Although the Order contains only two operative provisions (a citation provision and a declaration), its practical effect can be substantial. In Singapore, the Trustees Act regulates how trustees may deal with trust property and investments. Certain investments may be permitted or treated more favourably when they fall within categories recognised by the Act and its subsidiary instruments. This Order is one of those recognition mechanisms: it identifies a specific unit trust scheme that meets the criteria for authorisation under the Trustees Act.
Accordingly, the scope of this legislation is narrow: it does not create a general regulatory framework for all unit trust schemes. Instead, it operates as a targeted legal “label” for one named fund. That label matters because it determines whether trustees can treat interests in that fund as authorised investments under the Trustees Act regime.
What Are the Key Provisions?
Section 1 (Citation) provides the formal name by which the Order may be cited. This is a standard provision in subsidiary legislation and is mainly relevant for legal referencing, pleadings, and compliance documentation.
Section 2 (Authorised unit trust scheme) is the core operative provision. It states that the Govett Global Brands Fund is hereby declared to be an authorised unit trust scheme for the purposes of the Trustees Act. In effect, the Minister has exercised the power conferred by section 83 of the Trustees Act to designate this particular fund as falling within the statutory category of authorised unit trust schemes.
From a practitioner’s perspective, the key legal question is not merely “what is the fund called?” but rather “what consequences follow from being declared authorised under the Trustees Act?” While the extract does not reproduce the Trustees Act provisions, the structure indicates that section 83 functions as a gateway: it empowers the Minister to make Orders declaring specific unit trust schemes authorised. Once declared, trustees can rely on that authorisation when considering investments, subject to any additional conditions or limitations that may exist in the Trustees Act itself (for example, requirements relating to suitability, risk, or compliance with trustee duties).
Enacting formula and making date also matter for legal certainty. The Order states that it is made “in exercise of the powers conferred by section 83 of the Trustees Act” and identifies the Minister for Law as the making authority. It further records that it was made on the 20th day of February 2002 by Liew Heng San, Permanent Secretary, Ministry of Law. For compliance and audit trails, these details help establish the instrument’s validity and the authority under which the declaration was made.
How Is This Legislation Structured?
This Order is extremely concise and is structured around a typical two-part format:
(1) Citation: Section 1 sets out the short title for reference purposes.
(2) Declaration of authorisation: Section 2 contains the substantive designation of the named fund as an authorised unit trust scheme.
There are no schedules, no definitions section in the extract, and no additional procedural or substantive requirements within the Order itself. The legal “work” is done by the declaration in section 2, which operates by reference to the Trustees Act’s framework.
Who Does This Legislation Apply To?
The Order applies primarily to trustees and those acting in a trustee capacity who are subject to the Trustees Act. The declaration is relevant where trustees consider whether they may invest trust property in unit trust schemes, or where they need to determine whether a particular scheme qualifies as an authorised investment under the statutory regime.
It also indirectly affects fund operators and distributors insofar as authorisation can influence trustee eligibility and investment decisions. However, the Order is not drafted as a regulatory licence or conduct rule directed at market participants; rather, it is a designation instrument. The direct legal beneficiaries are trustees who can rely on the scheme’s authorised status when managing trust assets.
Why Is This Legislation Important?
Even though the Order is brief, it can be highly important in practice because trustee investment decisions often require careful legal grounding. Trustees must comply with statutory investment powers and any constraints imposed by the Trustees Act. A declaration that a unit trust scheme is “authorised” can be a key step in demonstrating that an investment falls within an approved category.
From an enforcement and risk-management standpoint, the authorisation status helps trustees reduce uncertainty. Without an authorised designation, trustees may need to rely on other investment powers or seek advice on whether the scheme is permissible under general trustee powers. With an authorised designation, trustees can more confidently structure portfolios in accordance with the statutory scheme.
Finally, for legal practitioners advising on trust administration, the Order provides a clear, documentary basis for compliance. In due diligence, trustees and their counsel often need to confirm whether a particular fund is within an authorised list. This Order supplies that confirmation for the Govett Global Brands Fund as at the version indicated in the provided extract (current version as at 27 March 2026). Practitioners should still verify whether any later amendments, revocations, or replacements exist in the broader legislative timeline, but the instrument itself remains a relevant authority for the named fund.
Related Legislation
- Trustees Act (Chapter 337) — in particular, section 83 (the enabling provision for authorising unit trust schemes by Order)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 2) Order 2002 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.