Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 2) Order 2004
- Act Code: TA1967-S43-2004
- Type: Subsidiary Legislation (SL)
- Enacting Authority: Minister for Law
- Authorising Act: Trustees Act (Cap. 337)
- Power Used: Section 83 of the Trustees Act
- Legislative Citation: SL 43/2004
- Date Made: 27 January 2004
- Commencement: Not specified in the extract (practitioners should confirm in the official gazette/legislation record)
- Key Provision: Section 2 declares specified funds as “authorised unit trust schemes” for purposes of the Trustees Act
- Declared Funds (s 2): (a) SGAM US Concentrated Core Fund; (b) SGAM Golden China Fund
- Current Status (as provided): Current version as at 27 Mar 2026
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 2) Order 2004 is a Singapore subsidiary legislative instrument made under the Trustees Act. Its function is narrow but legally significant: it formally designates particular collective investment funds as “authorised unit trust schemes” for the purposes of the Trustees Act.
In plain language, the Order does not create a general regulatory framework from scratch. Instead, it operates as an enabling designation mechanism. Once a fund is declared “authorised” under the Trustees Act, it becomes eligible to be treated as an authorised unit trust scheme within the statutory regime that applies to trustees and trust-related investments.
The Order identifies two specific funds—SGAM US Concentrated Core Fund and SGAM Golden China Fund—and declares them authorised. This type of order is commonly used in Singapore to update the list of schemes that trustees may consider for investment or administration under the Trustees Act’s rules.
What Are the Key Provisions?
Section 1 (Citation) provides the short title of the instrument: “Trustees (Authorised Unit Trust Scheme) (No. 2) Order 2004.” While this is standard drafting, it matters for legal referencing in submissions, compliance documentation, and regulatory correspondence.
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 effect is that these funds fall within the category of authorised unit trust schemes under the Trustees Act.
From a practitioner’s perspective, the practical consequence of being “authorised” is that trustees and those advising trustees can rely on the statutory status of the scheme when considering investment suitability and compliance with trustee obligations. Although the extract does not reproduce the Trustees Act provisions, the designation typically interacts with rules governing what trustees may invest in, how they may structure trust investments, and what schemes are recognised for statutory purposes.
Made this 27th day of January 2004 and the signature by the Permanent Secretary, Ministry of Law, confirm the formal enactment process. The reference to the Minister for Law’s exercise of powers under section 83 of the Trustees Act is also important: it anchors the validity of the designation and helps practitioners confirm that the Order was made within the scope of the enabling authority.
How Is This Legislation Structured?
The Order is structured in a very concise format, consistent with designation orders. It contains:
(1) Enacting formula—sets out the legal basis: the Minister for Law makes the Order in exercise of powers conferred by section 83 of the Trustees Act.
(2) Section 1 (Citation)—short title for identification.
(3) Section 2 (Authorised unit trust schemes)—the substantive list of funds declared authorised for the purposes of the Trustees Act.
There are no additional parts, schedules, or detailed conditions in the extract. In many such instruments, the “work” is done by the list itself; the broader regulatory and compliance consequences flow from the Trustees Act and any related statutory instruments governing unit trust schemes and trustee investments.
Who Does This Legislation Apply To?
Although the Order is addressed to the legal category of “authorised unit trust schemes,” its real-world applicability is felt by parties who operate within the Trustees Act framework. This includes trustees (individual or corporate), trust administrators, and professional advisers who recommend or arrange trust investments.
In practice, the Order is relevant to trustees who are determining whether a particular unit trust fund may be treated as an authorised scheme under the Trustees Act. It may also be relevant to fund managers and distributors, because being declared “authorised” can affect how trustees perceive eligibility and compliance when selecting investment vehicles for trust portfolios.
Why Is This Legislation Important?
Even though the Order is brief, it can be highly consequential for trust governance and investment compliance. Trustee decision-making is often constrained by statutory rules and fiduciary duties. Where the law recognises certain schemes as “authorised,” trustees can more confidently align their investment choices with statutory expectations.
For legal practitioners, the importance lies in the ability to cite the instrument as part of compliance analysis. When advising on whether a trust’s investment in a particular unit trust fund is permissible or properly authorised under the Trustees Act regime, the designation order provides direct legal support. It can also be relevant in due diligence, audit trails, and documentation for trust administration.
Additionally, the Order illustrates how Singapore’s legislative system uses targeted subsidiary legislation to keep the list of authorised schemes current. Practitioners should therefore treat such orders as living compliance references: the “current version” status (as at 27 Mar 2026, per the provided metadata) suggests that the instrument remains in force and continues to be relevant for the named funds, unless later amendments or revocations occur.
Related Legislation
- Trustees Act (Cap. 337) — in particular section 83 (the enabling provision referenced in the enacting formula)
- Timeline / Legislation amendments records — to confirm whether the designation has been amended, superseded, or affected by later orders
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 2) Order 2004 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.