Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 27) Order 2001
- Act Code: TA1967-S433-2001
- Type: Subsidiary Legislation (SL)
- Legislative Status: Current version (as at 27 Mar 2026)
- Publication / Citation: SL 433/2001
- Date Made: 7 September 2001
- Commencement Date: Not stated in the provided extract (typically effective on making/commencement as provided by the instrument or general rules)
- Authorising Act: Trustees Act (Chapter 337)
- Key Enabling Provision: Section 83 of the Trustees Act
- Primary Legal Effect: Declares “The Optimix Asian Bond Fund” as an authorised unit trust scheme for purposes of the Trustees Act
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 27) Order 2001 is a short piece of subsidiary legislation made under the Trustees Act. In plain terms, it is a formal legal “designation” instrument: it identifies a specific collective investment product—namely, The Optimix Asian Bond Fund—and declares that fund to be an authorised unit trust scheme for the purposes of the Trustees Act.
Authorised unit trust schemes are significant because the Trustees Act framework is designed to regulate the establishment, operation, and oversight of unit trust arrangements. While the Order itself is brief, its practical importance lies in the legal consequences that flow from being “authorised”. Once a scheme is declared authorised, it can be treated as falling within the regulatory and legal regime contemplated by the Trustees Act, rather than being outside it.
Although the extract contains only two operative provisions—citation and the declaration—this type of order is typically used to extend the Trustees Act’s authorisation regime to particular funds. In practice, lawyers and compliance teams rely on these orders to confirm whether a given unit trust is authorised, and therefore whether particular statutory permissions, duties, and compliance obligations apply.
What Are the Key Provisions?
Section 1 (Citation). The Order may be cited as the “Trustees (Authorised Unit Trust Scheme) (No. 27) Order 2001”. Citation provisions are standard in Singapore subsidiary legislation. They do not create substantive rights or obligations, but they are essential for legal referencing, reporting, and cross-referencing in filings, contracts, and regulatory correspondence.
Section 2 (Authorised unit trust scheme). This is the core operative provision. It states that The Optimix Asian Bond Fund is hereby declared as an authorised unit trust scheme for the purpose of the Trustees Act. The legal effect is that the fund is brought within the category of schemes recognised by the Trustees Act authorisation mechanism.
From a practitioner’s perspective, the phrase “for the purpose of the Act” matters. It signals that the authorisation is not merely descriptive; it is intended to trigger the statutory consequences embedded in the Trustees Act. Those consequences may include (depending on the broader statutory scheme) permissions to operate, requirements relating to trusteeship and governance, and compliance expectations for the scheme’s structure and conduct.
Enacting formula and enabling power (Section 83 of the Trustees Act). The Order is made “in exercise of the powers conferred by section 83 of the Trustees Act”. This is important for legal validity and interpretation. It indicates that the Minister for Law (or the relevant authority acting under the Minister’s delegated authority) has statutory power to declare particular unit trust schemes as authorised. When advising on enforceability, a lawyer will typically confirm that the declaration is within the scope of the enabling provision and that the instrument is properly made by the competent authority.
Making date and signatory. The Order was made on 7 September 2001 and signed by Liew Heng San, Permanent Secretary, Ministry of Law. While this is procedural information, it can be relevant when assessing the timeline of authorisation (e.g., whether a scheme was authorised at a particular time for contractual or compliance purposes).
How Is This Legislation Structured?
This instrument is structured as a short subsidiary legislation order with a conventional format:
(1) Enacting formula — sets out the enabling authority (section 83 of the Trustees Act) and the Minister’s power to make the Order.
(2) Citation provision (Section 1) — provides the short title for reference.
(3) Substantive declaration (Section 2) — declares the specific fund as an authorised unit trust scheme.
Notably, the extract does not show additional parts, schedules, conditions, or detailed regulatory requirements. That is typical for authorisation orders: the detailed operational requirements usually reside in the parent Act (and any subsidiary regulations or guidelines), while the order performs the “designation” function for a particular scheme.
Who Does This Legislation Apply To?
The Order applies to The Optimix Asian Bond Fund as a unit trust scheme. In legal effect, it is the scheme (and the parties responsible for it—such as the trustee and scheme operators) that benefit from, and must comply with, the consequences of being authorised under the Trustees Act.
While the text does not expressly name the trustee, manager, or other parties, in practice the authorisation status is relevant to those who administer, market, distribute, or manage the scheme. Lawyers advising fund promoters, trustees, and compliance officers will treat the authorisation order as a key document confirming that the scheme is within the statutory authorisation framework.
Why Is This Legislation Important?
Even though the Order is brief, it can be highly consequential. In Singapore’s regulatory environment, whether a unit trust scheme is “authorised” can determine which statutory regime applies. Authorisation can affect how the scheme is structured, how it is marketed, and what governance and trustee-related duties are triggered under the Trustees Act.
For practitioners, the most immediate value is certainty. When advising on regulatory compliance, distribution arrangements, or contractual representations (for example, whether a scheme is authorised), lawyers need a reliable legal basis. This Order provides that basis by naming the fund and declaring its authorised status.
Second, the Order supports auditability and defensibility. In disputes or regulatory reviews, parties may need to demonstrate that at a relevant time the scheme was authorised. The making date (7 September 2001) and the instrument’s citation (SL 433/2001) help establish the historical authorisation position.
Third, authorisation orders can have downstream effects on other legal documents. For example, offering documents, trustee agreements, compliance manuals, and marketing materials often include statements about authorisation status. A lawyer reviewing such documents will typically cross-check the scheme against the relevant authorisation orders to ensure accuracy and reduce regulatory risk.
Related Legislation
- Trustees Act (Chapter 337) — the enabling Act; section 83 provides the power to declare authorised unit trust schemes.
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 27) Order 2001 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.