Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 27) Order 2002
- Act Code: TA1967-S416-2002
- Legislation Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Legal Basis: Made under section 83 of the Trustees Act
- Enacting Formula: Minister for Law makes the Order in exercise of powers under section 83
- Citation: Trustees (Authorised Unit Trust Scheme) (No. 27) Order 2002
- Key Provisions: Section 1 (Citation); Section 2 (Declaration of authorised unit trust schemes)
- Publication / SL Number: SL 416/2002
- Date Made: 21 August 2002
- Status: Current version as at 27 March 2026
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 27) Order 2002 is a Singapore subsidiary legislation instrument that “authorises” specific unit trust funds for the purposes of the Trustees Act. In practical terms, it is a legal recognition that certain collective investment funds meet the statutory framework required to be treated as authorised unit trust schemes under the Act.
Although the Order is short, its effect can be significant. The Trustees Act regulates trustees and trustee-related arrangements, including how trustees may administer and hold assets in connection with unit trust schemes. By declaring particular funds as “authorised unit trust schemes”, the Minister for Law enables those funds to operate within the legal category contemplated by the Act, which can affect trustee powers, compliance expectations, and the legal treatment of the schemes in trustee administration.
The scope of this Order is narrow and targeted: it does not create a general regulatory regime from scratch. Instead, it identifies named funds—specifically five AIG International Funds—by name and declares them authorised for the purposes of the Trustees Act. This kind of order is typically used to update the list of schemes that qualify under the Act as and when new funds are approved or brought within the authorisation framework.
What Are the Key Provisions?
Section 1 (Citation) provides the formal short title of the instrument: “Trustees (Authorised Unit Trust Scheme) (No. 27) Order 2002”. This is standard legislative housekeeping, enabling practitioners to cite the Order accurately in correspondence, filings, and legal arguments.
Section 2 (Authorised unit trust schemes) is the operative provision. It declares that the following funds are hereby authorised unit trust schemes for the purposes of the Trustees Act:
- AIG International Funds — Japan New Horizon Equity Fund;
- AIG International Funds — American Equities Fund;
- AIG International Funds — Asian Equities Fund;
- AIG International Funds — Multicurrency Bond Fund; and
- AIG International Funds — Pan-European Equity Fund.
From a legal practitioner’s perspective, the key point is that the authorisation is fund-specific and name-specific. The Order does not authorise “AIG International Funds” generally; it authorises the particular sub-funds listed in the schedule-like text of section 2. Accordingly, trustees, fund administrators, and compliance teams should verify that the scheme they are dealing with matches the exact fund names declared in the Order.
Legal effect and compliance relevance. While the extract provided does not reproduce the Trustees Act provisions, the Order’s reference to “the purposes of the Act” signals that the authorisation is a prerequisite for certain legal consequences under the Trustees Act. In practice, such consequences often relate to whether trustees may treat the scheme as an authorised unit trust scheme, whether particular trustee duties or investment considerations apply, and how the scheme is recognised within the statutory framework governing trustees and trust property. Practitioners should therefore treat section 2 as a gateway provision: it determines whether the named funds fall within the statutory category that triggers the Trustees Act’s relevant mechanisms.
Making and ministerial authority. The enacting formula states that the Minister for Law makes the Order in exercise of powers conferred by section 83 of the Trustees Act. This matters for validity and administrative law considerations. It confirms that the authorisation is not merely an administrative endorsement; it is a formal legislative act made under statutory authority. For legal work involving challenges, reliance, or due diligence, the statutory basis helps establish that the authorisation is properly constituted.
How Is This Legislation Structured?
The Order is structured in a simple, two-section format:
- Section 1 sets out the citation (short title).
- Section 2 contains the substantive list of authorised unit trust schemes, declaring the five AIG International Funds sub-funds as authorised unit trust schemes for the purposes of the Trustees Act.
There are no schedules, parts, or detailed procedural provisions in the text provided. The instrument functions as a declaratory list. This structure is typical of “authorised scheme” orders: rather than regulating conduct directly, they update the legal status of named schemes within an existing statutory framework.
Who Does This Legislation Apply To?
This Order applies primarily to parties who interact with unit trust schemes in the context of the Trustees Act—most notably trustees and trustee service providers who may hold, administer, or otherwise deal with units in the authorised schemes. It also has relevance for fund managers, administrators, and distributors because authorisation status can affect how trustees may invest or how schemes are treated for trustee-related legal purposes.
Importantly, the Order does not impose direct behavioural obligations on the general public. Instead, it confers a legal classification on specific funds. The practical “who” is therefore best understood as: anyone whose legal rights, duties, or compliance obligations under the Trustees Act depend on whether a unit trust scheme is “authorised”.
Why Is This Legislation Important?
Even though the Order is brief, it can be critical in legal and compliance workflows. In trustee-related matters, the classification of a unit trust scheme as “authorised” can determine whether trustees can lawfully treat the scheme in a particular way under the Trustees Act. For example, trustees may need to ensure that their investments fall within categories recognised by statute, and they may need to document that the relevant schemes are authorised.
From a due diligence standpoint, this Order provides a clear, authoritative reference point. A practitioner advising a trustee, a trust company, or an institutional investor can rely on the Order to confirm that the named AIG International Funds sub-funds are authorised unit trust schemes for the purposes of the Trustees Act. This reduces uncertainty and supports defensible compliance decisions.
Finally, the Order illustrates how Singapore’s legal framework uses targeted subsidiary legislation to keep the list of authorised schemes current. The “(No. 27)” numbering indicates that this is part of an ongoing series of authorisation orders. Practitioners should therefore check the relevant timeline and current versions when advising on a particular scheme, especially where funds are launched, renamed, merged, or wound up. The status note (“current version as at 27 Mar 2026”) suggests the Order remains in force in its current form, but practitioners should still confirm whether any later amendments or replacement orders affect the schemes in question.
Related Legislation
- Trustees Act (Cap. 337) — in particular, section 83 (the enabling provision for making authorisation orders)
- Other “Authorised Unit Trust Scheme” Orders made under the Trustees Act (e.g., subsequent “(No. …)” orders that add or update authorised schemes)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 27) Order 2002 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.