Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 23) Order 2002
- Act Code: TA1967-S411-2002
- Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Enacting Power: Section 83 of the Trustees Act
- SL Citation: SL 411/2002
- Date Made: 16 August 2002
- Commencement Date: Not specified in the provided extract (commencement is typically on making or as stated in the instrument)
- Current Status (as provided): Current version as at 27 March 2026
- Key Provision: Section 2 (declares specified funds as “authorised unit trust schemes” for the purposes of the Trustees Act)
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 23) Order 2002 is a short but legally significant instrument. In substance, it “authorises” particular unit trust funds so that they can be marketed and administered under the regulatory framework established by the Trustees Act. The Order does not create a general regulatory regime from scratch; rather, it operates within an existing statutory system by identifying specific funds that qualify for authorisation.
In plain language, the Order answers a practical legal question: which named unit trust funds are treated as “authorised unit trust schemes” under the Trustees Act? Once a fund is declared authorised, it becomes eligible to be dealt with under the Act’s permissions and safeguards. This is important for trustees, fund managers, distributors, and investors, because authorisation typically affects how the scheme may be structured, promoted, and held out to the public.
The scope of this Order is narrow. It authorises only two specified funds—both associated with Schroder—namely the Schroder US$ Enhanced Return Fund and the Schroder S$ Enhanced Return Fund II. The Order is therefore best understood as a targeted “listing” instrument: it adds these funds to the category of schemes recognised under the Trustees Act.
What Are the Key Provisions?
Section 1 (Citation) provides the short title of the instrument: it may be cited as the Trustees (Authorised Unit Trust Scheme) (No. 23) Order 2002. While this is standard drafting, it matters for legal referencing, filings, and compliance documentation.
Section 2 (Authorised unit trust schemes) is the core operative provision. It states that the following funds are hereby declared as authorised unit trust schemes for the purposes of the Act:
(a) Schroder US$ Enhanced Return Fund; and
(b) Schroder S$ Enhanced Return Fund II.
This declaration is the legal mechanism by which the Minister for Law, exercising powers under section 83 of the Trustees Act, brings these particular funds within the statutory concept of “authorised unit trust schemes.” For practitioners, the key point is that authorisation is scheme-specific. The Order does not authorise “any Schroder enhanced return fund” generally; it authorises the named funds as identified in the instrument. Accordingly, if a fund is renamed, restructured, merged, or replaced, the legal status may change and a fresh authorisation may be required (depending on how the scheme’s legal identity is treated under the Trustees Act and related regulatory instruments).
Enacting formula and ministerial power provide further context. The Order is made “in exercise of the powers conferred by section 83 of the Trustees Act.” This indicates that authorisation is not automatic; it is granted by the Minister through subsidiary legislation. Practically, this means that compliance teams should treat the authorisation order as part of the legal “chain of authority” supporting the scheme’s status.
Made this 16th day of August 2002 confirms the date the instrument was executed. For legal work involving historical compliance, audits, or disputes about whether a scheme was authorised at a particular time, the date made (and the relevant commencement rules) can be critical. The extract also shows the instrument is listed as SL 411/2002 with a timeline entry dated 19 August 2002, which may reflect publication or commencement in the official gazette system. Lawyers should verify the exact commencement date in the legislation portal if the timing is material to the issue.
How Is This Legislation Structured?
The Order is structured in a conventional format for subsidiary legislation authorising specific schemes. It contains:
(i) an enacting formula referencing the enabling power in section 83 of the Trustees Act;
(ii) a short title provision (Section 1); and
(iii) an operative declaration provision (Section 2) listing the authorised funds.
There are no schedules, definitions, or detailed regulatory requirements in the extract provided. The instrument’s function is essentially declaratory and classificatory: it identifies which funds are authorised under the Act.
Who Does This Legislation Apply To?
This Order applies to the unit trust funds named in Section 2, and by extension to the parties who administer, manage, and distribute those funds in Singapore in reliance on their authorised status under the Trustees Act. While the Order itself is directed at the funds (through the declaration), the practical effect is felt by trustees, fund managers, and distributors who must ensure that the scheme they are dealing with is the same legal entity as the one declared authorised.
For investors, the Order is indirectly relevant. Authorisation under the Trustees Act typically forms part of the legal framework that supports the scheme’s legitimacy and compliance posture. However, the Order is not an investor-facing disclosure document; it is a regulatory instrument. Therefore, investors generally rely on the fund’s offering documents and the broader regulatory regime, while lawyers rely on the authorisation order to confirm the scheme’s status.
Why Is This Legislation Important?
Although the Trustees (Authorised Unit Trust Scheme) (No. 23) Order 2002 is brief, it is important because it provides the legal basis for authorisation of specific unit trust schemes under the Trustees Act. In legal practice, authorisation orders are often the “anchor” documents used to confirm whether a scheme is permitted to operate within a particular statutory category. Without such authorisation, a scheme may face legal risk in how it is held out, administered, or structured.
From a compliance perspective, this Order illustrates how authorisation in Singapore can be implemented through subsidiary legislation that lists named funds. Practitioners should therefore maintain a document control system that tracks authorisation orders applicable to each fund, including versions and amendments. The extract indicates the instrument is “current version as at 27 March 2026,” which suggests that the legislation portal maintains a consolidated view even for older instruments. Lawyers should still confirm whether any amendments, revocations, or replacements exist that could affect the continuing validity of the authorisation.
In disputes or regulatory reviews, the authorisation order can be pivotal. For example, if a question arises about whether a fund was authorised at a particular time, counsel will need to identify the relevant authorisation instrument and its effective date. Similarly, if a scheme undergoes corporate actions (such as changes in currency denomination, investment strategy, or trustee arrangements), lawyers may need to assess whether the change affects the scheme’s identity such that the authorisation no longer matches the fund being offered.
Finally, this Order demonstrates the continuing role of ministerial powers under the Trustees Act. Even though modern financial regulation in Singapore involves multiple regimes, the Trustees Act authorisation mechanism remains relevant for certain unit trust structures and trustee-related arrangements. Practitioners should therefore not assume that authorisation under other frameworks automatically covers all legal categories; instead, they should map the scheme’s status across the applicable statutes and subsidiary legislation.
Related Legislation
- Trustees Act (Chapter 337) — in particular, section 83 (the enabling provision for making authorisation orders)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 23) Order 2002 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.