Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 3) Order 2002
- Act Code: TA1967-S109-2002
- Legislation Type: Subsidiary legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Enacting Power: Made under section 83 of the Trustees Act
- Enacting Formula / Ministerial Authority: Minister for Law
- Date Made: 1 March 2002
- Commencement Date: Not stated in the extract (practitioners should confirm from the official instrument)
- Citation: Trustees (Authorised Unit Trust Scheme) (No. 3) Order 2002
- Key Provisions (from extract): Section 1 (Citation); Section 2 (Declaration of authorised unit trust scheme)
- Current Status (as per provided metadata): Current version as at 27 Mar 2026
- Legislative Identifier: SL 109/2002
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, targeted 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, it is a legal gateway instrument. Once a scheme is declared “authorised”, it can fall within the statutory framework that the Trustees Act applies to authorised unit trust schemes.
Unit trusts are collective investment arrangements in which investors pool money and hold interests in a fund managed according to a trust deed and relevant regulatory requirements. The Trustees Act sets out the legal infrastructure for trustees and unit trust schemes, including requirements that distinguish authorised schemes from non-authorised arrangements. This Order does not itself regulate investment strategy, marketing, or portfolio composition; rather, it identifies which scheme is treated as authorised under the Act.
From a lawyer’s perspective, the Order is best understood as an enabling declaration. It is made under section 83 of the Trustees Act, which empowers the Minister for Law to declare particular unit trust schemes as authorised. The declaration has downstream legal consequences: it affects how the scheme is recognised under the Trustees Act and how trustees and related parties may rely on the statutory status conferred by authorisation.
What Are the Key Provisions?
Section 1 (Citation) provides the formal name by which the instrument may be cited. This is standard drafting and is important for legal referencing, pleadings, and compliance documentation. For practitioners, the citation is also useful when cross-referencing other instruments, regulatory filings, or internal compliance checklists.
Section 2 (Authorised unit trust scheme) is the substantive provision. It declares that “the SGAM Global Sector Rotation (S$) is hereby declared as an authorised unit trust scheme for the purposes of the Act.” This is the operative act: it identifies the scheme by name and confers the statutory label “authorised unit trust scheme”.
The legal significance of this declaration lies in the phrase “for the purposes of the Act.” That wording means the authorisation is not merely descriptive; it is intended to trigger the Trustees Act’s regime. Although the extract does not reproduce the Trustees Act provisions, the typical effect of such authorisation is that the scheme is brought within the legal category that the Act regulates—often including requirements relating to trustee conduct, trust deed arrangements, and statutory oversight mechanisms applicable to authorised schemes.
Finally, the instrument includes the making clause (“Made this 1st day of March 2002”) and the signature block. The enacting formula confirms that the Minister for Law exercised powers conferred by section 83 of the Trustees Act. For practitioners, this is relevant when assessing validity: it confirms the statutory source of authority and the identity of the decision-maker.
How Is This Legislation Structured?
This Order is extremely concise and is structured around two sections:
(1) Citation — a standard provision setting out the short title.
(2) Authorised unit trust scheme — the operative declaration naming the specific unit trust scheme that is authorised under the Trustees Act.
There are no schedules, definitions, or detailed operational rules in the extract. The instrument functions as a “declaration order” rather than a comprehensive regulatory code. In practice, lawyers should read this Order together with the Trustees Act (Cap. 337) and any other relevant subsidiary legislation or regulatory guidance governing unit trust schemes and trustees.
Who Does This Legislation Apply To?
The Order applies to the unit trust scheme identified in section 2—SGAM Global Sector Rotation (S$)—and, by extension, to the parties who administer, manage, or act as trustee for that scheme in the context of the Trustees Act. While the Order itself is directed at the scheme’s status, the legal consequences typically affect trustees, management companies, and other scheme participants who must comply with the Trustees Act’s requirements applicable to authorised unit trust schemes.
Importantly, the Order does not appear to impose obligations on the general investing public directly. Instead, it changes the scheme’s legal classification. Investors and intermediaries will usually experience the impact indirectly—through the scheme’s ability to operate within the authorised framework and through compliance representations made by the scheme and its service providers.
Why Is This Legislation Important?
Even though the Order is short, it can be highly consequential in legal practice. Authorisation under the Trustees Act is often a prerequisite for a scheme to be treated as operating within the statutory framework. That status can affect how trustees structure the trust deed, how they discharge statutory duties, and how the scheme is supervised or recognised by relevant authorities.
For practitioners advising trustees or scheme managers, the key practical question is whether the scheme is properly within the authorised category at the relevant time. This Order provides documentary evidence that SGAM Global Sector Rotation (S$) has been declared an authorised unit trust scheme. In due diligence, regulatory compliance reviews, and transaction documentation (e.g., trustee appointments, scheme amendments, or fund restructuring), such authorisation status can be a critical legal fact.
From an enforcement and risk perspective, authorisation status can also influence liability analysis. If a scheme is marketed or operated as an authorised unit trust scheme without the requisite declaration, there may be regulatory and legal exposure. Conversely, where authorisation exists, lawyers can better assess the applicable statutory duties and the compliance baseline expected under the Trustees Act.
Finally, the instrument’s “current version as at 27 Mar 2026” status indicates that the declaration remains in force in the legal database as of that date (subject to any later amendments or repeals not reflected in the extract). Practitioners should still verify the latest consolidated version and check the legislation timeline for any subsequent changes affecting the scheme’s status.
Related Legislation
- Trustees Act (Cap. 337) — in particular, section 83 (the enabling provision under which the Minister may make authorisation orders)
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.