Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 24) Order 2001
- Act Code: TA1967-S325-2001
- Type: Subsidiary legislation (Order)
- Enacting / Authorising Act: Trustees Act (Cap. 337), specifically section 83
- Legislative Instrument Number: SL 325/2001
- Commencement: Not stated in the extract; the Order is dated 26 June 2001
- Current Version Status: Current version as at 27 Mar 2026 (per the legislation portal)
- Key Provisions (from extract): Section 1 (Citation); Section 2 (Authorised unit trust scheme)
- Scheme Designation: The Optimix Worldwide Bond Fund
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 24) Order 2001 is a short but legally significant instrument. In plain terms, it is an official declaration by the Minister for Law that a particular collective investment product—namely, The Optimix Worldwide Bond Fund—is an “authorised unit trust scheme” for the purposes of the Trustees Act.
In Singapore’s regulatory framework, “authorised” status matters because it links a specific unit trust scheme to the statutory regime under the Trustees Act. While the extract provided contains only the Order’s citation and the declaration of the scheme, the legal effect is that the named fund becomes eligible to be treated as an authorised unit trust scheme under the Act’s provisions.
Practically, this type of Order is typically used to confer or recognise authorisation for a particular scheme, rather than to set out general regulatory rules. The substantive regulatory requirements are usually found in the Trustees Act and any related subsidiary legislation or licensing/approval conditions. This Order functions as the formal gateway for the named scheme to fall within the Act’s authorised scheme category.
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. 24) Order 2001.” This is standard legislative drafting. For practitioners, the citation is important for accurate legal referencing in filings, correspondence, and compliance documentation.
Section 2 (Authorised unit trust scheme) is the core operative provision. It states 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 act that confers authorised status on the specific fund.
Although the extract does not reproduce the Trustees Act’s detailed consequences of authorisation, the wording “for the purpose of the Act” indicates that the authorisation is not merely descriptive—it is intended to trigger the statutory framework. In other words, once declared, the scheme is treated as an authorised unit trust scheme under the Trustees Act, and the scheme (and its trustee/manager arrangements) will be subject to the legal regime that applies to authorised schemes.
Enacting formula and making authority further confirm the legal basis. The Order is made “in exercise of the powers conferred by section 83 of the Trustees Act” by the Minister for Law. This matters for legal validity and for any challenge: it shows the Minister’s statutory power to designate authorised schemes by Order. The making date—“26th day of June 2001”—and the signature by the Permanent Secretary, Ministry of Law, provide formal authentication of the instrument.
How Is This Legislation Structured?
This Order is extremely concise and is structured as a two-section instrument.
Section 1 is administrative (citation). Section 2 is substantive (declaration of the authorised unit trust scheme). There are no schedules, definitions, or detailed regulatory conditions in the extract. The structure reflects the function of such Orders: they are typically used to identify and authorise a particular scheme by name, while the broader regulatory obligations are governed by the Trustees Act and other instruments.
From a practitioner’s perspective, the absence of additional provisions means that the legal work is often about (i) confirming the scheme’s identity and status, (ii) linking the authorisation to the relevant trustee/manager arrangements, and (iii) understanding what the Trustees Act requires of authorised schemes.
Who Does This Legislation Apply To?
The Order applies to The Optimix Worldwide Bond Fund as a unit trust scheme. In legal terms, the scheme’s authorised status is relevant to the parties responsible for operating it—typically the trustee (and, depending on the structure, the manager or other service providers) who must ensure compliance with the Trustees Act regime applicable to authorised unit trust schemes.
More broadly, the Order is relevant to investors and market participants insofar as authorisation under the Trustees Act affects how the scheme is regulated and how it may be offered or administered under the statutory framework. However, the operative legal declaration is directed at the scheme itself, not at investors directly.
Why Is This Legislation Important?
Even though the Order is short, it is important because authorisation is a threshold legal status. For a unit trust scheme, being declared an “authorised unit trust scheme” can determine whether the scheme falls within a particular statutory category and therefore whether it benefits from (or must comply with) the legal consequences that attach to authorised schemes under the Trustees Act.
For practitioners, this Order is a key document for due diligence and compliance. When advising trustees, fund managers, or counterparties, lawyers often need to confirm whether a scheme is authorised and to cite the specific authorising instrument. The named scheme and the “(No. 24)” numbering also assist in distinguishing this authorisation from other authorised unit trust scheme Orders.
From an enforcement and risk perspective, the legal significance of authorisation means that operating a scheme without the correct status (or misrepresenting its status) could create regulatory and contractual exposure. Conversely, where the scheme is properly authorised, the trustee and related parties can anchor their compliance posture to the statutory framework applicable to authorised schemes.
Related Legislation
- Trustees Act (Cap. 337) — in particular, section 83 (power to make Orders declaring authorised unit trust schemes)
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.