Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 26) Order 2002
- Act Code: TA1967-S415-2002
- Legislation Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Enacting Power: Section 83 of the Trustees Act
- Citation: Trustees (Authorised Unit Trust Scheme) (No. 26) Order 2002
- Key Provisions: Section 1 (Citation); Section 2 (Authorised unit trust schemes)
- Made Date: 21 August 2002
- Publication/SL Reference: SL 415/2002
- Status: Current version as at 27 March 2026
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 26) Order 2002 is a Singapore subsidiary legislation made under the Trustees Act. Its practical purpose is straightforward: it formally “declares” certain collective investment funds as authorised unit trust schemes for the purposes of the Trustees Act.
In plain terms, the Order identifies three specific unit trust funds—Phillip Money Market Fund, Phillip Income Fund, and Phillip Growth Fund—and confirms that they meet the statutory criteria required to be treated as authorised schemes under the Trustees Act framework. This matters because the Trustees Act regulates how trustees may invest trust assets and what kinds of investment vehicles are permitted or treated as suitable under the Act.
Although the Order is brief, it plays an important gatekeeping role. By designating particular funds as authorised unit trust schemes, it enables trustees (and those advising them) to rely on the statutory authorisation when considering investments for trust portfolios. The Order therefore functions as a legal “permissioning” instrument: it does not create the investment product itself, but it authorises the product for a specific regulatory and legal purpose under the Trustees Act.
What Are the Key Provisions?
Section 1 (Citation) provides the formal short title of the instrument. While this is typically administrative, it is still important for practitioners because it ensures correct referencing in legal documents, correspondence, and submissions. When advising on whether a particular fund is authorised, lawyers often need to cite the relevant order accurately.
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 three funds:
- (a) Phillip Money Market Fund
- (b) Phillip Income Fund
- (c) Phillip Growth Fund
This declaration is the legal mechanism by which these funds become authorised under the Trustees Act. In practice, the effect is that trustees who are subject to the Trustees Act may treat these funds as authorised investments, subject to any additional conditions that may apply under the Act or related regulatory requirements.
Enacting formula and ministerial authority are also relevant for legal interpretation. The Order is made “in exercise of the powers conferred by section 83 of the Trustees Act” by the Minister for Law. This confirms that the authorisation is not merely administrative recognition; it is a formal exercise of statutory power. For practitioners, this matters when assessing the legal basis for reliance and when determining whether the authorisation can be challenged or relied upon in compliance contexts.
Made date and commencement context are important for determining the period during which the authorisation applies. The Order was made on 21 August 2002 and is referenced as SL 415/2002. While the extract does not show a specific commencement date, the “made” date and the publication reference are typically used to confirm the timeline of authorisation. For transactions spanning multiple periods, counsel may need to verify whether the relevant fund was authorised at the time the trustee made the investment or entered into the arrangement.
How Is This Legislation Structured?
The Order is structured in a minimal, two-section format:
- Section 1: Citation—identifies the instrument.
- Section 2: Authorised unit trust schemes—lists the specific funds declared authorised for the purposes of the Trustees Act.
There are no additional parts, schedules, or detailed conditions in the extract provided. This is typical of many “authorisation orders” under Singapore’s legislative style: the detailed regulatory requirements for unit trust schemes may be found in other instruments (for example, in the broader unit trust regulatory regime), while the Trustees Act authorisation is implemented through targeted orders that name the authorised funds.
Who Does This Legislation Apply To?
This Order applies primarily to trustees and those advising trustees who are operating within the scope of the Trustees Act (Cap. 337). The authorisation is relevant when trustees consider investments and seek to comply with statutory investment permissions or restrictions.
While the Order itself is addressed to the legal status of particular funds, the practical beneficiaries are trustees and their professional advisers. For example, a trustee’s investment committee, compliance officer, or external counsel may rely on the authorisation when selecting or justifying investments in trust portfolios. The Order may also be relevant to fund managers and distributors, because being declared an authorised unit trust scheme can affect the demand from trustees seeking compliant investment options.
Why Is This Legislation Important?
Although the Order is short, it has meaningful legal and commercial consequences. Under the Trustees Act framework, trustees must manage trust assets prudently and within the boundaries of permitted investments. An “authorised unit trust scheme” designation provides a statutory basis for trustees to invest in those funds without having to independently justify the investment vehicle outside the authorisation mechanism.
From a compliance perspective, the Order reduces uncertainty. Instead of treating the investment as a discretionary or potentially non-compliant choice, trustees can point to a specific statutory instrument that declares the fund authorised. This can be critical in the event of later disputes, audits, or regulatory inquiries. If a trustee’s investment decisions are challenged, the existence of a clear authorisation order is a strong piece of documentary evidence supporting the trustee’s compliance posture.
From a transaction and portfolio management standpoint, the designation can also influence allocation decisions. Trustees often operate under internal investment policies that require alignment with statutory authorisations. Being named in an authorisation order can therefore make the relevant funds more attractive to trustees, potentially affecting distribution channels and investor base.
Related Legislation
- Trustees Act (Cap. 337) — in particular, section 83 (the enabling provision for making authorisation orders)
- Authorising Act: Trustees Act
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 26) Order 2002 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.