Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 25) Order 2002
- Act Code: TA1967-S414-2002
- Legislation Type: Subsidiary Legislation (SL)
- Enacting Formula: Made by the Minister for Law under powers conferred by section 83 of the Trustees Act
- Citation: Trustees (Authorised Unit Trust Scheme) (No. 25) Order 2002
- Key Provision: Section 2 (declares specified funds as “authorised unit trust schemes” for the purposes of the Trustees Act)
- Authorising Act: Trustees Act (Cap. 337)
- Publication/SL Number: SL 414/2002
- Date Made: 21 August 2002
- Status: Current version as at 27 March 2026 (per the legislation record)
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 25) Order 2002 is a Singapore subsidiary legislation instrument that designates particular collective investment funds as “authorised unit trust schemes” for the purposes of the Trustees Act. In practical terms, it is a legal “permissioning” mechanism: certain funds are formally recognised so that they can be treated as authorised schemes under the statutory framework governing trustees and trustee investments.
Although the Order is short, its effect can be significant for trustees, fund managers, and investors. Under the Trustees Act regime, trustees are often subject to rules about what investments they may make and how those investments are to be handled. By declaring named funds as authorised unit trust schemes, the Minister for Law enables trustees to consider those funds within the authorised category contemplated by the Act.
In plain language, this Order does not itself regulate the day-to-day operation of the funds (such as portfolio management, marketing, or disclosure). Instead, it performs a targeted legal classification function: it lists two specific funds—Asia Knowledge Fund and DBS Global Best Ideas Fund—and declares them authorised for the Trustees Act purposes.
What Are the Key Provisions?
Section 1 (Citation) provides the formal name by which the Order may be cited. This is standard legislative housekeeping, but it matters for legal referencing, compliance documentation, and for practitioners who need to cite the correct instrument when advising trustees or reviewing investment policies.
Section 2 (Authorised unit trust schemes) is the substantive provision. It states that “the following funds are hereby declared as authorised unit trust schemes for the purposes of the Act” and then lists two funds:
- (a) Asia Knowledge Fund
- (b) DBS Global Best Ideas Fund
This declaration is the legal trigger that brings these funds within the authorised category under the Trustees Act. For lawyers advising trustees, the key question becomes whether a trustee’s proposed investment is within the authorised list. If it is, the trustee can treat the fund as an authorised unit trust scheme for the relevant statutory purposes.
Enacting authority and ministerial power are reflected in the enacting formula: the Minister for Law makes the Order “in exercise of the powers conferred by section 83 of the Trustees Act.” This matters for practitioners because it confirms the legal basis for the classification. It also signals that the designation is an administrative/ministerial act under statutory authority, rather than a contractual or purely market-based recognition.
Making date and formalities are also relevant in compliance contexts. The Order was made on 21 August 2002. While the extract does not show the commencement date, the instrument is clearly tied to the SL publication (SL 414/2002). Practitioners should therefore ensure that they check the relevant version and timeline when advising on historical transactions or when assessing whether a fund was authorised at the time of a trustee’s investment decision.
How Is This Legislation Structured?
The Order is structured in a very concise format, typical of designation orders. It contains:
- Section 1: Citation (how the Order is referred to)
- Section 2: Authorised unit trust schemes (the list of funds declared authorised)
There are no additional Parts, schedules, or detailed regulatory requirements in the extract provided. The legislative “work” is done by the declaration in section 2. As a result, the practitioner’s focus is primarily on confirming the identity of the funds and the legal effect of their designation under the Trustees Act.
Who Does This Legislation Apply To?
This Order applies indirectly to a range of persons and institutions that operate within the Trustees Act framework. The immediate addressees are not stated in the Order itself; instead, the effect is felt through the Act’s investment and trustee-related rules. In practice, the Order is most relevant to:
- Trustees (including professional trustees and trustee companies) who must comply with statutory investment constraints
- Trustee advisers and legal counsel who draft or review trust investment policies and trustee resolutions
- Fund promoters and managers who seek to ensure their funds can be held by trustees under the authorised scheme category
For investors, the Order’s relevance is more indirect. Investors may benefit if trustees are permitted (or more readily able) to invest trust assets in the authorised funds. However, the Order is not a consumer-facing disclosure instrument; it is a classification instrument within a trustee investment legal framework.
Why Is This Legislation Important?
Even though the Order is brief, it can be important in legal practice because trustee investment decisions often require careful compliance with statutory categories. In many trustee contexts, the ability to invest in a particular vehicle can determine whether a proposed investment is permissible, how it should be documented, and whether the trustee’s conduct could be challenged for breach of statutory duty or for failure to follow investment restrictions.
From an enforcement and risk perspective, the designation of authorised unit trust schemes reduces uncertainty. If a fund is declared authorised under section 2, trustees can rely on that statutory classification when assessing whether the fund falls within the authorised universe contemplated by the Trustees Act. Conversely, if a fund is not declared authorised (or if the designation has lapsed or changed), trustees may need to consider alternative investment options or obtain specific legal advice on whether the investment is permissible under other provisions.
Practically, this Order also illustrates how Singapore’s trustee investment regime operates through periodic ministerial designations. As new funds are launched or as existing funds seek authorised status, further orders may be made. Lawyers should therefore treat these orders as part of an evolving compliance landscape: the “current version” and the timeline of amendments/designations can be critical when advising on historical investments, trustee reporting, or disputes about investment appropriateness.
Finally, the Order is a reminder that trustee compliance is not only about the general duties of trustees (such as acting prudently and in the best interests of beneficiaries) but also about meeting the specific statutory investment permissions. A designation order like this can be the difference between an investment being clearly within a statutory category and an investment being legally contestable.
Related Legislation
- Trustees Act (Chapter 337) — in particular, section 83 (the enabling provision for the Minister’s power to make orders declaring authorised unit trust schemes)
- Trustees (Authorised Unit Trust Scheme) Orders (other “No.” orders that designate other funds as authorised unit trust schemes for the same statutory purposes)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 25) Order 2002 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.