Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 3) Order 2002
- Act Code: TA1967-S109-2002
- Type: Subsidiary Legislation (SL)
- Status: Current version as at 27 Mar 2026
- Enacting Formula: Made by the Minister for Law under powers conferred by section 83 of the Trustees Act
- Commencement Date: Not stated in the extract (Order made on 1 March 2002; see “Made this 1st day of March 2002”)
- Key Provisions: Section 1 (Citation); Section 2 (Declaration of an authorised unit trust scheme)
- Authorising Act: Trustees Act (Cap. 337)
- Related Legislation: Trustees Act (Cap. 337); unit trust regulatory framework under the Trustees Act
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 3) Order 2002 is a short piece of subsidiary legislation that performs a single regulatory function: it declares a specific unit trust scheme to be an “authorised unit trust scheme” for the purposes of the Trustees Act. In practical terms, the Order identifies the scheme by name—SGAM Global Sector Rotation (S$)—and brings it within the statutory category of schemes that are authorised under the Trustees Act regime.
While the Order itself is brief, it sits within a broader legal architecture governing how unit trust schemes are structured, administered, and supervised. The Trustees Act provides the legal basis for authorisation and regulation of unit trust schemes, including the consequences of being “authorised” (for example, how the scheme may be offered and what compliance expectations attach). This Order is therefore best understood as an enabling instrument: it does not create a new regulatory framework from scratch, but rather applies the existing Trustees Act framework to a particular scheme.
From a practitioner’s perspective, the key legal question is not “what does the Order say about unit trusts generally?” but rather “what legal status does authorisation confer, and what obligations or permissions follow from being declared authorised under section 83 of the Trustees Act?” This Order answers the first part by making the declaration; the second part is found by reading the Trustees Act provisions that operate once a scheme is authorised.
What Are the Key Provisions?
Section 1 (Citation) provides the formal title by which the Order may be cited. This is standard legislative housekeeping, but it matters for accurate legal referencing in filings, regulatory submissions, and correspondence. For example, when describing the authorisation status of a scheme in legal documents, practitioners typically cite the relevant Order and its number.
Section 2 (Authorised unit trust scheme) is the substantive provision. It states that “The SGAM Global Sector Rotation (S$) is hereby declared as an authorised unit trust scheme for the purposes of the Act.” This declaration is the legal act that brings the named scheme within the authorisation regime under the Trustees Act.
Several practical implications flow from this declaration. First, the scheme’s legal status changes: it is no longer merely a unit trust scheme in the abstract, but one that has been specifically recognised by the Minister for Law as authorised under the statutory mechanism. Second, the phrase “for the purposes of the Act” signals that the Trustees Act contains provisions that treat authorised schemes differently—whether by permitting certain activities, imposing particular compliance requirements, or enabling particular regulatory treatment. The Order itself does not list those consequences; instead, it triggers the operation of the Trustees Act provisions that depend on authorisation.
Finally, the Order includes a “Made” date and signature block: “Made this 1st day of March 2002” by LIEW HENG SAN, Permanent Secretary, Ministry of Law. This matters for determining the effective date of authorisation (subject to any commencement rules in the parent Act or general subsidiary legislation rules). For legal practitioners, the “made” date is often relevant when assessing whether authorisation existed at a particular time for purposes such as due diligence, historical compliance, or assessing the legality of conduct during a specific period.
How Is This Legislation Structured?
The Order is structured in a simple two-section format:
(1) Section 1: Citation—sets out the short title of the Order.
(2) Section 2: Authorised unit trust scheme—declares a named unit trust scheme to be authorised under the Trustees Act.
There are no schedules, definitions sections, or detailed regulatory conditions in the extract provided. This is typical for authorisation orders: the detailed compliance and operational requirements are generally found in the parent Act (and potentially in other subsidiary instruments or regulatory guidelines), while the authorisation order performs the “designation” function.
Who Does This Legislation Apply To?
Although the Order is addressed to the Minister’s exercise of statutory powers, its practical effect applies to the unit trust scheme named in the Order—SGAM Global Sector Rotation (S$)—and to the parties responsible for operating it (such as the trustee and/or scheme operator/manager, depending on how the Trustees Act allocates roles). In other words, the authorisation status is attached to the scheme, but the operational consequences are borne by those who manage and administer it.
More broadly, the Order applies within the scope of the Trustees Act (Cap. 337). Any person or entity whose rights, obligations, or regulatory permissions depend on whether a scheme is “authorised” will be affected indirectly. For example, when assessing whether a scheme may be offered or marketed in reliance on authorisation, practitioners must confirm that the scheme is covered by the relevant authorisation order(s).
Why Is This Legislation Important?
Even though the Order is short, it is legally significant because it confers a specific statutory status—authorised unit trust scheme—on a particular product. In financial and trust law practice, authorisation status is often the gateway to lawful conduct. It can affect how a scheme is regulated, what disclosures or approvals are required, and what legal protections or compliance expectations apply.
From an enforcement and compliance standpoint, the Order provides a clear documentary basis for due diligence. When advising trustees, fund managers, distributors, or investors, lawyers frequently need to verify whether a scheme is authorised under the relevant statute. The existence of a specific authorisation order reduces ambiguity: it provides an official instrument that can be cited and relied upon when confirming regulatory status.
For litigation risk management and historical compliance reviews, the “made” date and the fact that the Order is a current version (as at 27 Mar 2026) are also important. A practitioner may need to determine whether authorisation existed at the time of a transaction, subscription, or marketing activity. Where disputes arise about whether a scheme was properly authorised, the authorisation order becomes a key piece of evidence.
Finally, the Order illustrates how Singapore’s unit trust regulatory framework works in practice: authorisation is not typically granted by a single comprehensive instrument covering all schemes. Instead, the Minister makes targeted orders declaring specific schemes authorised. This approach allows the regulatory system to respond to particular schemes as they meet the requirements under the Trustees Act.
Related Legislation
- Trustees Act (Chapter 337) — in particular, section 83 (the enabling provision under which the Minister makes authorisation orders)
- Subsidiary legislation and regulatory instruments made under the Trustees Act that govern authorised unit trust schemes (to be identified by cross-referencing the Trustees Act’s authorisation and regulatory provisions)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 3) Order 2002 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.