Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 24) Order 2001
- Act Code: TA1967-S325-2001
- Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Enacting Authority: Minister for Law
- Key Enabling Provision: Section 83 of the Trustees Act
- Commencement / Date Made: Made on 26 June 2001
- SL Number: SL 325/2001
- Status: Current version as at 27 Mar 2026
- Key Provisions (from extract): Sections 1 (Citation) and 2 (Authorised unit trust scheme)
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 24) Order 2001 is a short piece of subsidiary legislation made under the Trustees Act. Its practical function is to “declare” a specific collective investment product—the Optimix Worldwide Bond Fund—as an authorised unit trust scheme for the purposes of the Trustees Act.
In plain terms, the Order does not create a new regulatory framework from scratch. Instead, it operates as a targeted legal instrument that brings one named scheme within a statutory category. Once a unit trust scheme is declared “authorised” under the Trustees Act, it can benefit from the legal status and regulatory consequences attached to that designation.
Because the Order is made pursuant to section 83 of the Trustees Act, it sits within a broader system where the Minister for Law has the power to designate particular unit trust schemes as authorised. Practitioners should therefore read this Order together with the Trustees Act provisions governing authorised unit trust schemes, including the conditions, compliance expectations, and any consequences of authorisation.
What Are the Key Provisions?
Section 1 (Citation) is a standard provision. It confirms the formal name by which the instrument may be cited: the “Trustees (Authorised Unit Trust Scheme) (No. 24) Order 2001”. While not substantive, citation matters for legal referencing, filings, and compliance documentation.
Section 2 (Authorised unit trust scheme) is the core operative clause. It provides that the Optimix Worldwide Bond Fund is “hereby declared as an authorised unit trust scheme for the purpose of the Act.” This declaration is the legal mechanism that elevates the named fund into the authorised category.
From a practitioner’s perspective, the significance of section 2 is twofold. First, it identifies the exact scheme that is authorised—meaning the authorisation is not generic or automatic for all funds managed by the same promoter or trustee. Second, it ties the authorisation to the purpose of the Trustees Act, which implies that the authorisation is relevant to the statutory regime under that Act (for example, how trustees administer unit trust schemes, and what regulatory permissions or obligations attach to authorised schemes).
Enacting formula and statutory power: The Order is made “in exercise of the powers conferred by section 83 of the Trustees Act.” This is important for legal interpretation. It indicates that the Minister’s authority is grounded in a specific statutory discretion. Where a practitioner is assessing validity, scope, or whether a scheme falls within the authorised category, the enabling provision (section 83) is the starting point for understanding the legal basis and limits of the Minister’s power.
Made date and signature: The Order states it was made on 26 June 2001 by Liew Heng San, Permanent Secretary, Ministry of Law. This is relevant for historical compliance and for determining which version applies at a given time, particularly where a scheme’s authorisation status may be relevant to past transactions, disclosures, or regulatory reporting.
How Is This Legislation Structured?
This Order is extremely concise and is structured around two provisions:
(1) Section 1: Citation.
(2) Section 2: Declaration of the authorised unit trust scheme (the Optimix Worldwide Bond Fund).
There are no additional parts, schedules, or detailed conditions in the extract provided. In practice, the “substance” of authorisation—such as eligibility criteria, ongoing obligations, and enforcement mechanisms—will be found in the Trustees Act itself, not in this Order. This is typical for authorisation orders: they function as the legal “switch” that designates a particular scheme, while the broader regulatory architecture is contained in the parent Act.
Who Does This Legislation Apply To?
The Order applies to the Optimix Worldwide Bond Fund as a unit trust scheme seeking or holding authorisation under the Trustees Act. While the instrument is addressed to the scheme (by naming it), the practical effect is felt by the parties responsible for the scheme’s operation—commonly including the trustee and other scheme operators who must ensure that the scheme complies with the statutory regime applicable to authorised unit trust schemes.
More broadly, the authorisation designation is relevant to investors and market participants because it affects the legal status of the fund under Singapore law. For example, where disclosure, trustee duties, or regulatory permissions depend on whether a scheme is “authorised,” the Order becomes a key reference point for due diligence and compliance checks.
Why Is This Legislation Important?
Although the Order is short, it is legally significant because it determines whether a particular unit trust scheme falls within a regulated category under the Trustees Act. In financial services practice, authorisation status is often a gatekeeping concept: it can affect what documentation is required, what governance and trustee responsibilities apply, and how the scheme is represented to investors and counterparties.
For practitioners, the most important practical impact is that the Order provides clear legal identification of the authorised scheme. When advising on compliance, structuring, investor disclosures, or regulatory filings, lawyers frequently need to confirm whether a fund is authorised and to cite the relevant instrument. Section 2 is therefore a critical authority for confirming the scheme’s status.
Additionally, the Order’s reliance on section 83 of the Trustees Act highlights that authorisation is not merely administrative—it is a statutory designation made under ministerial power. This matters in disputes or regulatory investigations. If a scheme’s authorisation is challenged, or if there is a question about whether the scheme was properly designated, the enabling provision and the terms of the declaration become central to the legal analysis.
Finally, the Order’s “current version” status as at 27 March 2026 indicates that the instrument remains in force in its relevant form (subject to any amendments, if any). Practitioners should still consult the legislation timeline and versions to ensure that the correct version is being relied upon for the relevant period—particularly where authorisation may have been granted, amended, or superseded over time.
Related Legislation
- Trustees Act (Cap. 337) — in particular, section 83 (power to declare authorised unit trust schemes) and the provisions governing authorised unit trust schemes generally.
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 24) Order 2001 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.