Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 3) Order 2001
- Act Code: TA1967-S52-2001
- Type: Subsidiary Legislation (SL)
- Status: Current version (as at 27 Mar 2026)
- Enacting Formula / Authority: Made under section 83 of the Trustees Act
- Commencement: Not stated in the extract (order made on 29 Jan 2001; citation and declaration take effect as per the order’s operation)
- Date Made: 29 January 2001
- Legislative Citation: No. S 52
- Publication Reference: SL 52/2001
- Key Provisions (from extract): s 1 (Citation); s 2 (Declaration of authorised unit trust scheme)
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 3) Order 2001 is a short piece of Singapore subsidiary legislation that performs a single, targeted regulatory function: it declares a specific investment product—referred to in the extract as “S$ Return Guaranteed Fund”—to be an authorised unit trust scheme for the purposes of the Trustees Act.
In practical terms, the Order matters because the Trustees Act regulates what trustees may invest in, and it typically does so by reference to categories of investments that are permitted or recognised. By making a formal “authorisation” declaration, the Minister for Law enables trustees (and those acting in trustee capacities) to treat the declared unit trust scheme as an eligible investment under the statutory framework.
Although the Order itself is brief, it sits within a broader governance structure: it is not creating a general regulatory regime from scratch. Instead, it operates as an enabling instrument—authorising a particular scheme so that it can be used within the legal boundaries set by the Trustees Act.
What Are the Key Provisions?
Section 1 (Citation) provides the short title of the instrument: the Trustees (Authorised Unit Trust Scheme) (No. 3) Order 2001. This is standard drafting, but it is important for practitioners because it determines the correct reference for searches, filings, and citations in legal documents.
Section 2 (Authorised unit trust scheme) is the substantive provision. It states that “S$ Return Guaranteed Fund is hereby declared as an authorised unit trust scheme for the purpose of the Act.” This declaration is the legal mechanism by which the scheme becomes recognised under the Trustees Act.
From a practitioner’s perspective, the key legal effect of section 2 is that trustees can rely on the scheme’s authorised status when considering investment decisions that must comply with the Trustees Act. In many trustee contexts—such as trust administration, investment policy statements, and compliance reviews—the question is not merely whether an investment is commercially attractive, but whether it is legally permissible. This Order supplies the “permission” element for the named fund.
Enacting authority and ministerial power are also relevant. The enacting formula indicates that the Minister for Law makes the Order “in exercise of the powers conferred by section 83 of the Trustees Act.” This matters for legal validity and interpretive context: the authorisation is not discretionary in the abstract; it is grounded in a specific statutory power. If a practitioner ever needs to challenge or verify the basis for authorisation, the statutory hook—section 83—will be the starting point.
Form and scope are limited. The extract shows only two sections. There are no detailed conditions, reporting requirements, or ongoing compliance obligations set out in the Order itself. That does not mean there are no conditions elsewhere; rather, it indicates that the Order’s role is declaratory. The ongoing regulatory and contractual framework for the unit trust scheme (for example, licensing, prospectus requirements, and fund governance) would typically be found in other legislation and regulatory instruments governing unit trusts and collective investment schemes. The Trustees Act authorisation is an additional layer for trustee investment eligibility.
How Is This Legislation Structured?
The Order is structured in a conventional, minimal form for an authorisation instrument:
Section 1 contains the citation provision.
Section 2 contains the declaration of the authorised unit trust scheme.
There are no “Parts” or complex internal divisions in the extract. The instrument is therefore best understood as a targeted legal act: it identifies a named fund and declares it authorised for the Trustees Act’s purposes.
Who Does This Legislation Apply To?
The Order applies to persons and entities whose duties and powers under the Trustees Act depend on whether a particular investment is an “authorised unit trust scheme.” In practice, this includes trustees (individual or corporate), trust administrators, and professional fiduciaries who must ensure that trust investments comply with statutory requirements.
It may also be relevant to advisers and compliance officers who support trustees in investment selection and documentation. Even though the Order is not addressed to the investing public at large, its effect is felt in trustee investment decisions, investment policy reviews, and audit or regulatory compliance processes.
Why Is This Legislation Important?
Even though the Order is only two sections long, it can be highly significant in trustee practice. Trustee investment decisions often involve legal constraints that are not fully captured by general investment principles. The authorised status of a unit trust scheme is a legal classification that can determine whether a trustee is acting within statutory authority.
For practitioners, the importance is twofold. First, it provides a clear legal basis for including the named fund in a trustee’s investment portfolio where the Trustees Act requires or permits investment in authorised schemes. Second, it reduces uncertainty: instead of relying on informal assessments, trustees can point to a specific statutory instrument that declares the scheme authorised.
From an enforcement and risk perspective, the Order helps manage compliance risk. If a trustee invests in a scheme that is not authorised (or otherwise permitted under the Trustees Act framework), the trustee may face legal exposure—ranging from internal breach of trust concerns to regulatory or civil liability depending on the circumstances. Conversely, where the scheme is declared authorised by a valid order, trustees can better justify their investment choices.
Finally, the “current version” status (as at 27 Mar 2026) indicates that the Order remains in force and continues to be part of the operative legal landscape. Practitioners should still verify whether there have been amendments or revocations affecting the scheme’s status, but the document’s current status suggests that the authorisation is not merely historical.
Related Legislation
- Trustees Act (Chapter 337) — in particular section 83 (power to make authorisation orders) and the provisions governing trustee investments that refer to authorised unit trust schemes.
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 3) Order 2001 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.