Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 3) Order 2001
- Act Code: TA1967-S52-2001
- Legislation Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Enacting Authority: Minister for Law
- Enactment / Made Date: 29 January 2001
- Commencement Date: Not stated in the extract (commencement is typically upon publication unless otherwise provided)
- Current Status (as provided): Current version as at 27 March 2026
- Legislative Instrument Number: SL 52/2001
- Key Provisions (from extract): Section 1 (Citation); Section 2 (Authorised unit trust scheme)
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 3) Order 2001 is a short subsidiary legislative instrument made under the Trustees Act. Its central purpose is to designate a particular investment product—referred to in the Order as the “S$ Return Guaranteed Fund”—as an “authorised unit trust scheme” for the purposes of the Trustees Act.
In practical terms, the Order functions as a legal “gatekeeping” mechanism. The Trustees Act uses the concept of an “authorised unit trust scheme” to determine which unit trust schemes may be treated in a particular way under the Act—typically in relation to trustee investment powers, trustee duties, and the regulatory framework governing trustees’ use of unit trust arrangements.
Because the Order is an “authorisation” instrument rather than a full regulatory code, it does not set out detailed operational rules for the fund. Instead, it performs a targeted legal designation. Once the scheme is declared “authorised” under the Trustees Act, trustees and other persons relying on the Act can treat the scheme as falling within the statutory category the Act contemplates.
What Are the Key Provisions?
Section 1 (Citation) provides the formal name by which the Order may be cited. This is standard drafting: it assists lawyers, regulators, and market participants in identifying and referencing the instrument in correspondence, filings, and legal submissions.
Section 2 (Authorised unit trust scheme) is the operative provision. It states that the “S$ Return Guaranteed Fund” is declared as an authorised unit trust scheme for the purpose of the Trustees Act. This declaration is the legal act that brings the fund within the statutory framework.
Although the extract does not reproduce the full context of the Trustees Act, the legal effect of Section 2 is clear: the Minister for Law has exercised the power conferred by section 83 of the Trustees Act to make a specific authorisation. In other words, the fund’s status as “authorised” is not merely a contractual or marketing label; it is a statutory designation with consequences for how trustees may invest, administer, or otherwise deal with the scheme under the Act.
Enacting formula and enabling power: The Order is made “in exercise of the powers conferred by section 83 of the Trustees Act.” This matters for legal analysis because it anchors the validity of the authorisation in a specific statutory delegation. For practitioners, the enabling provision is often relevant when assessing whether the Minister had authority to make the designation, whether procedural requirements were met, and whether the authorisation is limited to the scheme identified in the Order.
Made date and signatory: The Order was made on 29 January 2001 by Liew Heng San, Permanent Secretary, Ministry of Law. The signature and date support the instrument’s authenticity and provide a reference point for version control and historical analysis.
How Is This Legislation Structured?
The Order is structured in a very simple format, consistent with many authorisation orders under Singapore’s subsidiary legislation framework. It contains:
(1) A citation provision (Section 1), and
(2) A single operative authorisation provision (Section 2) declaring the “S$ Return Guaranteed Fund” to be an authorised unit trust scheme for the purposes of the Trustees Act.
There are no Parts, schedules, or detailed regulatory conditions in the extract. The instrument is therefore best understood as a targeted designation rather than a comprehensive regulatory regime. For practitioners, the key is to treat the Order as one piece in a broader statutory system: the Trustees Act supplies the substantive trustee framework, while this Order supplies the specific authorisation status for a named scheme.
Who Does This Legislation Apply To?
The Order applies primarily to persons who rely on the Trustees Act’s framework when dealing with unit trust schemes—most notably trustees and those advising trustees. The authorisation matters because trustees often must comply with statutory investment powers and constraints. Where the Trustees Act distinguishes between authorised and non-authorised schemes, the designation in Section 2 becomes legally significant.
In addition, the Order may be relevant to fund managers, distributors, and legal counsel involved in trustee investment arrangements. While the Order itself does not impose operational obligations on the fund in the extract, the fund’s authorised status can affect how it is marketed to trustees, how trustees justify their investment decisions, and how compliance documentation is prepared.
Finally, because the Order is a statutory instrument made under a delegated power, it is also relevant to regulators and auditors who assess whether trustee investment decisions fall within the statutory categories contemplated by the Trustees Act.
Why Is This Legislation Important?
Even though the Order is short, it can be highly consequential in practice. Trustee investment decisions are often scrutinised for compliance with statutory duties and powers. An “authorised unit trust scheme” designation can provide trustees with a clear legal basis to invest in, or continue to hold, units in the relevant fund under the Trustees Act framework.
From a risk management perspective, the authorisation reduces ambiguity. Without an authorisation order, trustees may face uncertainty about whether a particular unit trust scheme qualifies under the statutory scheme categories. Uncertainty can lead to conservative investment practices, delays in implementation, or the need for legal opinions. By contrast, a formal authorisation order provides a defensible compliance position.
For practitioners, the Order also illustrates the regulatory technique used in Singapore: rather than embedding every eligible scheme within the primary Act, the law uses subsidiary instruments to update and specify authorisations. This allows the Minister to designate schemes as they become eligible, without requiring frequent amendments to the Trustees Act itself.
Finally, the instrument’s “current version” status (as at 27 March 2026, per the metadata provided) is important for legal research. Practitioners should always confirm the version and timeline when relying on an authorisation, particularly where authorisations may be amended, replaced, or superseded by later orders. The Order’s inclusion in the legislation timeline (with SL 52/2001 dated 30 January 2001) provides a traceable historical anchor.
Related Legislation
- Trustees Act (Chapter 337) — in particular, section 83 (the enabling provision referenced in the Order)
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.