Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 23) Order 2001
- Act Code: TA1967-S324-2001
- Type: Subsidiary Legislation (SL)
- 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. 23) Order 2001
- Declared Scheme: The Optimix SGD Fund
- Order Date: 26 June 2001
- SL Number: SL 324/2001
- Status: Current version as at 27 Mar 2026
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 23) Order 2001 is a short piece of subsidiary legislation that performs a single, practical legal function: it declares a specific collective investment arrangement—namely, the Optimix SGD Fund—to be an authorised unit trust scheme for the purposes of the Trustees Act.
In plain language, the Order is not a comprehensive “unit trust” regulatory framework by itself. Instead, it is an enabling instrument used by the Ministry of Law to recognise particular unit trust schemes as “authorised” under the statutory scheme in the Trustees Act. Once a scheme is declared authorised, it can fall within the legal category that the Trustees Act treats differently from non-authorised schemes—typically affecting how trustees and related parties may operate, and what regulatory permissions or compliance expectations apply.
Because the extract provided contains only two operative provisions—(1) the citation and (2) the declaration of the authorised scheme—the Order’s scope is narrow. Its legal effect is primarily classificatory: it identifies the scheme and confers the “authorised” status that triggers the relevant consequences under the Trustees Act.
What Are the Key Provisions?
Section 1 (Citation) provides the formal name by which the Order may be cited. While this is standard drafting, it matters for legal practice because it enables accurate referencing in filings, compliance documentation, and correspondence with regulators or counterparties. In disputes or audits, being able to point to the correct subsidiary legislation is often essential.
Section 2 (Authorised unit trust scheme) is the substantive provision. It states that “The Optimix SGD Fund is hereby declared as an authorised unit trust scheme for the purpose of the Act.” This language is doing the core legal work: it identifies the specific fund and confers the statutory label “authorised unit trust scheme.”
From a practitioner’s perspective, the key interpretive points are: (i) the declaration is scheme-specific (it is not a general authorisation for all funds), and (ii) the authorisation is for the purpose of the Act, meaning that the consequences of authorisation are those that the Trustees Act attaches to authorised schemes. The Order itself does not list those consequences; those are found in the Trustees Act and any related subsidiary legislation, regulatory notices, or conditions.
Enabling authority and ministerial power are reflected in the enacting formula. The Order is made “in exercise of the powers conferred by section 83 of the Trustees Act.” This is important for validity and administrative law analysis. It indicates that the Minister for Law has statutory authority to designate particular unit trust schemes as authorised. If a practitioner is assessing whether a scheme’s authorisation is properly grounded, the enabling provision is the starting point.
Commencement and effective date are not expressly stated in the extract. However, the Order is dated 26 June 2001 and is identified as SL 324/2001. In practice, lawyers typically confirm the commencement rule in the full text or in the legislation database (sometimes subsidiary legislation commences on the date of making, publication, or a specified date). Where authorisation status is relevant to compliance timelines, practitioners should verify the effective date from the official record.
How Is This Legislation Structured?
This Order is extremely concise and is structured around a simple two-provision format:
(a) Citation provision: Section 1 sets out the short title for referencing the instrument.
(b) Authorisation provision: Section 2 declares the named fund as an authorised unit trust scheme for the purposes of the Trustees Act.
There are no Parts, no schedules, and no detailed conditions in the extract. The structure reflects the legislative technique commonly used in Singapore for authorising specific financial products or schemes: the substantive regulatory framework is contained in the parent Act (here, the Trustees Act), while subsidiary orders are used to designate particular schemes as falling within the authorised category.
Who Does This Legislation Apply To?
The Order applies to the Optimix SGD Fund as a unit trust scheme. In legal effect, it is the scheme’s status that changes: it becomes an “authorised unit trust scheme” for the purposes of the Trustees Act. That status is relevant to the parties who administer, manage, market, or hold interests in the scheme, because their rights, duties, and regulatory obligations may differ depending on whether the scheme is authorised.
Although the Order does not expressly name the trustee, manager, or other service providers, in practice the authorisation designation would be relevant to the trustee and any entity acting in relation to the fund. Lawyers advising trustees, fund managers, distributors, or compliance teams should treat the authorisation as a key fact that affects how the Trustees Act applies to the scheme.
Why Is This Legislation Important?
Even though the Order is short, it can be highly significant in practice because authorisation status is often a gateway to lawful operation within a regulated framework. For unit trust schemes, being declared “authorised” can determine whether the scheme is permitted to be offered or managed under the legal regime established by the Trustees Act, and it can influence the compliance posture of the trustee and related parties.
From a compliance and risk-management standpoint, the Order provides a clear, official legal basis for the scheme’s authorised status. In due diligence—whether for investors, counterparties, auditors, or internal governance—lawyers frequently need to confirm that a fund is properly authorised. This Order supplies that confirmation by naming the fund and linking it to the Trustees Act.
For enforcement and dispute contexts, the authorisation designation can also matter. If a scheme is alleged to have operated without the required authorisation, the existence (or absence) of an order like this one becomes central evidence. Conversely, if a scheme’s authorisation is challenged, practitioners may need to examine whether the designation was properly made under section 83 of the Trustees Act, and whether the scheme corresponds to the named fund (including whether there have been changes to the fund name, structure, or particulars since 2001).
Related Legislation
- Trustees Act (Cap. 337) — in particular, section 83 (power to make orders declaring authorised unit trust schemes)
- Other “Trustees (Authorised Unit Trust Scheme) … Orders” (subsidiary legislation designating other specific funds as authorised)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 23) Order 2001 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.