Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 22) Order 2002
- Act Code: TA1967-S328-2002
- Type: Subsidiary legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Enacting Authority: Minister for Law
- Key Enabling Provision: Section 83 of the Trustees Act
- Citation: Trustees (Authorised Unit Trust Scheme) (No. 22) Order 2002
- Declared Scheme: “Singapore Dollar Plus Fund”
- Order Date / Made: 28 June 2002
- SL Number: SL 328/2002
- Status: Current version as at 27 Mar 2026
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 22) Order 2002 is a short piece of subsidiary legislation made under the Trustees Act. In practical terms, it performs a single regulatory function: it formally declares a specific collective investment vehicle—namely, the “Singapore Dollar Plus Fund”—to be an “authorised unit trust scheme” for the purposes of the Trustees Act.
In Singapore’s legal framework, the Trustees Act governs, among other things, the circumstances in which trustees may hold or deal with certain investments. Many trustee investment rules are designed to protect beneficiaries by limiting trustees to investments that meet defined standards or are recognised by law. One way the law achieves this is by allowing certain unit trust schemes to be “authorised” by ministerial order, thereby making them eligible for trustee use under the Act.
Although the Order itself is brief, its legal effect can be significant for trustees, fund managers, and compliance teams. Once a unit trust scheme is declared “authorised” under the Trustees Act, trustees who are subject to the Act may be able to invest in (or continue holding) units in that scheme without falling foul of trustee investment restrictions that apply to unauthorised or non-recognised schemes.
What Are the Key Provisions?
Section 1 (Citation) provides the formal name of the instrument. This is standard drafting: it tells practitioners how to cite the Order in legal documents, regulatory submissions, or correspondence.
Section 2 (Authorised unit trust scheme) is the operative provision. It states that the “Singapore Dollar Plus Fund” is hereby declared as an authorised unit trust scheme for the purposes of the Trustees Act. This declaration is what triggers the legal consequences under the Trustees Act for trustees who rely on the authorisation status of unit trust schemes.
From a practitioner’s perspective, the key question is not merely that the Order exists, but what “authorised unit trust scheme” status means in the Trustees Act. While the extract provided does not reproduce the Trustees Act provisions, the enabling clause—section 83—indicates that Parliament has empowered the Minister for Law to designate particular unit trust schemes as authorised. The designation is therefore a targeted, scheme-specific regulatory recognition rather than a general rule applicable to all unit trusts.
Enacting formula and ministerial power: The Order is made “in exercise of the powers conferred by section 83 of the Trustees Act.” This matters for legal certainty and administrative law. It confirms (i) the legal basis for the Minister’s action, and (ii) that the authorisation is not discretionary in an unbounded sense; it is anchored to a statutory power. For compliance purposes, trustees and their advisers can point to the statutory authority for the authorisation and treat the declaration as a formal legal status, not merely an administrative endorsement.
Commencement and timing: The Order is “made this 28th day of June 2002.” The extract also shows the SL date as 02 July 2002 (SL 328/2002). In practice, practitioners should confirm the effective date when advising on historical investments or compliance for periods around the making/registration of the Order. Where trustee investment decisions were made before or after the relevant date, the authorisation status may affect whether an investment was permitted under the Trustees Act at that time.
How Is This Legislation Structured?
The Order is structured in a simple two-section format typical of scheme-specific authorisation instruments:
(1) Section 1: Citation. This section identifies the instrument.
(2) Section 2: Authorised unit trust scheme. This section contains the substantive declaration of the “Singapore Dollar Plus Fund” as an authorised unit trust scheme for the purposes of the Trustees Act.
There are no schedules, definitions, or additional conditions in the extract. That drafting approach suggests that the Minister’s role under section 83 is to make a designation order for a particular scheme, with the detailed investment eligibility consequences flowing from the Trustees Act itself.
Who Does This Legislation Apply To?
The Order applies primarily to persons whose powers and duties are governed by the Trustees Act—most notably, trustees who manage trust property and must comply with statutory investment rules. If a trustee is considering whether a unit trust scheme is permissible under the Act, the authorised status conferred by this Order is directly relevant.
It also has indirect relevance to unit trust scheme operators and fund managers associated with the “Singapore Dollar Plus Fund.” While the Order does not impose operational obligations on the fund in the extract, authorisation can affect marketability to trustees and may influence how the scheme is positioned for trustee investment mandates. Compliance teams should still ensure that any trustee investment decision also satisfies other applicable regulatory requirements (for example, those under securities and fund regulation), but the Trustees Act eligibility question is addressed by this designation.
Why Is This Legislation Important?
Even though the Order is short, its importance lies in how it supports the trustee investment regime. Trustees are fiduciaries with duties to act prudently and in the best interests of beneficiaries. Statutory investment constraints are one mechanism for ensuring prudence and protecting beneficiaries. By declaring the “Singapore Dollar Plus Fund” as an authorised unit trust scheme, the Minister for Law effectively places that scheme within the category of investments that trustees may be permitted to hold under the Trustees Act.
For practitioners, the Order is useful in several common scenarios:
- Trust administration and investment compliance: When reviewing whether a trustee’s portfolio complies with statutory investment rules, the authorised status of the relevant unit trust scheme is a key fact.
- Due diligence and onboarding: When trustees consider investing in a unit trust, advisers often check whether the scheme is authorised under the Trustees Act. This Order provides a direct legal basis for such checks.
- Historical compliance reviews: If there is a dispute or audit about whether investments were permitted at a particular time, the making date and the effective date become relevant. The Order’s timeline and SL number help establish the relevant period.
- Legal documentation: In investment agreements, trustee resolutions, and compliance memoranda, practitioners may cite the authorisation order to support the trustee’s authority to invest.
Finally, the Order illustrates a broader regulatory approach: rather than authorising unit trust schemes automatically, the law uses ministerial orders to designate specific schemes. This can be important for risk management. Trustees and advisers should not assume that authorisation is permanent or universal; instead, they should verify the current status of the scheme and check whether any later amendments, revocations, or new authorisation orders affect eligibility.
Related Legislation
- Trustees Act (Chapter 337) — in particular, section 83 (the enabling provision for authorisation orders).
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 22) Order 2002 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.