Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 29) Order 2002
- Act Code: TA1967-S453-2002
- Type: Subsidiary legislation (SL)
- Enacting Authority: Minister for Law
- Authorising Act: Trustees Act (Cap. 337)
- Legal Basis: Powers under section 83 of the Trustees Act
- Citation: Trustees (Authorised Unit Trust Scheme) (No. 29) Order 2002
- Key Provisions: Section 2 (declaration of authorised unit trust schemes)
- Regulatory Status: Current version as at 27 Mar 2026
- Publication / Making Date: Made on 9 September 2002
- SL Number: SL 453/2002
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 29) Order 2002 is a Singapore subsidiary legislation instrument made under the Trustees Act. Its central function is administrative and regulatory: it formally “declares” certain collective investment funds as authorised unit trust schemes for the purposes of the Trustees Act.
In plain language, the Order identifies two specific unit trust funds—both marketed under the “Schroder” brand—and confirms that they meet the regulatory threshold required to be treated as authorised schemes under the Trustees Act framework. This matters because the Trustees Act regime is designed to regulate how trustees may deal with, and how trust arrangements may hold, interests in unit trust schemes. Authorisation is therefore a gatekeeping mechanism: it determines whether a particular fund is eligible to be recognised within that statutory context.
Although the Order itself is short, it sits within a broader legal architecture. The Trustees Act governs trustees and their powers and responsibilities, including the circumstances under which trustees may invest in or hold interests in unit trust schemes. Section 83 empowers the Minister to make orders declaring particular funds as authorised unit trust schemes. This Order is one such declaration, numbered “(No. 29)”, reflecting that it is part of a series of similar authorisation orders.
What Are the Key Provisions?
Section 1 (Citation) provides the formal short title of the instrument. This is standard in Singapore subsidiary legislation and is mainly relevant for legal referencing, pleadings, and compliance documentation.
Section 2 (Authorised unit trust schemes) is the operative 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) Schroder S$ North Asia Positive Growth Fund; and
(b) Schroder US$ North Asia Positive Growth Fund.
From a practitioner’s perspective, the legal effect of Section 2 is that these two funds are brought within the category of “authorised unit trust schemes” under the Trustees Act. The phrase “for the purposes of the Act” is important: it signals that the authorisation is not merely a marketing label, but a statutory status that triggers consequences under the Trustees Act and any related trustee investment rules or permissions.
Notably, the extract provided does not include any additional conditions, schedules, or regulatory requirements beyond the declaration. That does not mean there are no conditions elsewhere; rather, it indicates that the Order’s function is to confer the authorised status. Any ongoing compliance obligations, prospectus requirements, or fund-specific regulatory conditions would typically be found in other legislation and regulatory instruments governing unit trust schemes and their management. However, for trustees and trust administrators, the practical question is whether the fund is “authorised” under the Trustees Act—Section 2 answers that question for these two funds.
Making and commencement context. The Order was made on 9 September 2002. While the extract does not specify a commencement date, the instrument is published as SL 453/2002 and is currently shown as “current version” as at 27 March 2026. For legal work, counsel should still verify the exact commencement and whether any later amendments or revocations apply. In many authorisation orders, the authorisation may remain effective unless superseded by later orders, amendments, or regulatory changes.
How Is This Legislation Structured?
The Order is structured in a minimal, two-section format typical of authorisation instruments:
Section 1 sets out the citation.
Section 2 contains the substantive declaration listing the authorised funds.
There are no “Parts” or complex sub-sections in the extract. The structure reflects the legislative intent: the Minister’s order is a targeted administrative act that identifies specific funds for statutory recognition. For practitioners, this means the legal analysis is largely confined to the scope of Section 2—i.e., the precise fund names and whether the funds correspond to the units held by trustees in practice.
Who Does This Legislation Apply To?
This Order applies primarily to trustees and to any persons whose conduct is regulated by the Trustees Act in relation to unit trust schemes. The authorisation status is relevant when trustees consider investments, hold units, or structure trust arrangements that include interests in unit trust funds.
While the Order does not directly impose obligations on investors or unit holders, it indirectly affects them through the trustee investment framework. If a trustee is permitted (or required) to invest in authorised unit trust schemes under the Trustees Act, then the authorisation status of the Schroder North Asia Positive Growth funds becomes material. Additionally, fund managers, custodians, and administrators may need to ensure that the fund they operate or distribute is correctly reflected in the statutory authorisation lists, particularly when trustees request confirmations for compliance purposes.
Why Is This Legislation Important?
Even though the Order is brief, it can be highly significant in legal practice because trustee investment decisions often require documentary proof of eligibility. In due diligence and compliance workflows, trustees frequently need to confirm that a particular unit trust scheme is “authorised” under the relevant statutory regime. Section 2 provides that confirmation for the two listed Schroder funds.
From an enforcement and risk-management standpoint, authorisation status can be critical. If a trustee holds units in a scheme that is not authorised (or if the authorisation has lapsed, been revoked, or replaced), the trustee may face regulatory scrutiny, potential breach of trust allegations, or internal governance consequences. Therefore, the Order functions as a compliance anchor: it helps trustees demonstrate that their investment choices fall within the statutory category contemplated by the Trustees Act.
Practically, the Order also illustrates how Singapore uses subsidiary legislation to update and manage the universe of authorised funds. Rather than embedding a static list in the Act itself, the Minister can make specific orders as new funds are approved or as authorisations are updated. For practitioners, this means that legal advice should not rely solely on the Act text; it should also consider the latest authorisation orders and any subsequent amendments or replacement instruments.
Related Legislation
- Trustees Act (Chapter 337) — in particular, section 83 (power to declare authorised unit trust schemes)
- Unit trust and collective investment scheme regulatory framework (for fund management and offering requirements, as applicable)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 29) Order 2002 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.