Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 28) Order 2002
- Act Code: TA1967-S433-2002
- Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Power Used: Section 83 of the Trustees Act
- Citation: Trustees (Authorised Unit Trust Scheme) (No. 28) Order 2002
- Enacting Date / Made Date: 29 August 2002
- Legislative Status: Current version as at 27 March 2026
- Key Provision: Section 2 (declaration of authorised unit trust schemes)
- Legislation Identifier in Extract: SL 433/2002
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 28) Order 2002 is a Singapore subsidiary legislation instrument made under the Trustees Act. In practical terms, it is a regulatory “authorisation” order: it identifies specific unit trust funds that are formally declared to be “authorised unit trust schemes” for the purposes of the Trustees Act.
Unit trusts are collective investment schemes where investors pool money and the scheme invests according to its stated strategy. However, not every unit trust is automatically treated the same way under trust-related legislation. The Trustees Act uses the concept of an “authorised unit trust scheme” to determine which funds trustees (and, depending on context, other regulated persons) may be permitted or expected to deal with when administering trusts.
This Order therefore serves a narrow but important function. It does not itself regulate the investment strategy, marketing, or day-to-day operations of the funds. Instead, it performs a legal gatekeeping role: it designates particular funds—here, a set of “Morley Investment Funds” sub-funds—as authorised schemes under the Trustees Act framework.
What Are the Key Provisions?
Section 1 (Citation) provides the formal name by which the Order may be cited. While this is standard drafting, it matters for legal referencing, compliance documentation, and citation in advice letters and submissions.
Section 2 (Authorised unit trust schemes) is the substantive provision. It declares that the following funds are hereby authorised unit trust schemes for the purposes of the Trustees Act:
The Order lists ten Morley Investment Funds sub-funds:
- Morley Investment Funds — Global Themes;
- Morley Investment Funds — Asia Pacific Growth;
- Morley Investment Funds — Emerging Countries Growth;
- Morley Investment Funds — European Growth;
- Morley Investment Funds — EU Convergence Growth;
- Morley Investment Funds — Global Managed Bond;
- Morley Investment Funds — Global Managed Balanced;
- Morley Investment Funds — Global Managed Equity;
- Morley Investment Funds — Global Convertible Bond; and
- Morley Investment Funds — Global Socially Responsible Growth.
From a practitioner’s perspective, the key legal effect is that these named funds become “authorised” within the meaning used by the Trustees Act. That designation can affect whether trustees may invest trust assets in these funds, and whether such investments are treated as compliant with statutory or regulatory requirements governing trustees’ investment powers and duties.
Enacting formula and ministerial making power are also relevant. The extract states that the Minister for Law makes the Order “in exercise of the powers conferred by section 83 of the Trustees Act.” This indicates that the authorisation is not discretionary in the sense of being open-ended; it is grounded in a specific statutory power. For legal analysis, this matters when assessing validity, scope, and the limits of what the Minister may declare.
Temporal and versioning considerations are important for compliance. The extract indicates the instrument is “current version as at 27 Mar 2026,” and the timeline shows it was made on 29 August 2002 (SL 433/2002). Even where the text appears short, practitioners should confirm whether later amendments, revocations, or replacement orders exist. An “authorised” designation can be time-sensitive in practice if the underlying statutory scheme is updated or if the regulator issues new authorisation orders.
How Is This Legislation Structured?
This Order is structured in a very concise format typical of authorisation instruments. It contains:
- Section 1 (Citation): establishes the short title for referencing.
- Section 2 (Authorised unit trust schemes): provides the operative list of funds declared authorised.
There are no additional parts, schedules, or detailed regulatory requirements in the extract. The legal “work” is done by the declaration in Section 2. The Order’s brevity means that practitioners should read it alongside the Trustees Act itself, because the consequences of being an “authorised unit trust scheme” arise from the Act’s substantive provisions (for example, investment permissions, trustee duties, and any related compliance obligations).
Who Does This Legislation Apply To?
The Order applies to the extent that the Trustees Act uses the concept of “authorised unit trust schemes.” In practice, the primary audience is trustees and persons acting in a trustee capacity who administer trusts governed by Singapore law and who must consider whether particular investments are permissible or appropriate under the Trustees Act regime.
It also has a practical effect on fund managers, distributors, and investors insofar as authorisation can influence the availability or attractiveness of the funds for trust investments. However, the Order itself is not a marketing document and does not impose operational obligations on the fund manager. Instead, it creates a legal status that can be relied upon in trust administration and compliance processes.
Because the Order is a declaration “for the purposes of the Act,” its applicability is functional rather than personal: it applies to the named funds and, through them, to the trustee investment framework under the Trustees Act.
Why Is This Legislation Important?
Although the Order is short, it can be highly significant in trust practice. Trustees are typically required to invest prudently and within the scope of their legal powers. In many jurisdictions, statutory investment frameworks distinguish between different categories of investment products. Singapore’s Trustees Act uses “authorised unit trust schemes” as one such category. By declaring specific funds authorised, the Order helps trustees meet statutory or regulatory expectations when selecting investments for trust portfolios.
From a risk management standpoint, the authorisation status reduces uncertainty. If a trustee invests in a fund that is not authorised (or invests in a fund that is authorised but later loses that status), the trustee may face compliance questions, potential breach-of-duty allegations, or the need to justify the investment under alternative legal bases. Having a clear list in an official order supports defensible decision-making and documentation.
For practitioners advising trustees, the Order is also a useful reference point when preparing investment policies, trust account guidelines, and compliance checklists. It can be cited in internal memoranda and in correspondence with beneficiaries or co-trustees to demonstrate that the trustee’s investment choices align with the statutory category of authorised schemes.
Finally, the Order illustrates how Singapore’s legal system operationalises regulatory frameworks through targeted subsidiary instruments. Rather than embedding detailed fund lists in the Trustees Act itself, the Act delegates to the Minister the power to declare authorised schemes. This allows the authorisation regime to evolve as new funds are launched, existing funds change, or regulatory assessments are updated.
Related Legislation
- Trustees Act (Cap. 337) — in particular, section 83 (the enabling provision referenced in the Order)
- Other “Authorised Unit Trust Scheme” Orders (issued under the same authorising power, typically listing different funds)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 28) Order 2002 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.