Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 3) Order 2002
- Act Code: TA1967-S109-2002
- Legislative Type: Subsidiary legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Key Enabling Provision: Section 83 of the Trustees Act
- Enacting Formula: Made by the Minister for Law under powers conferred by section 83
- Commencement: Not stated in the extract (order “made” on 1 March 2002; citation indicates SL 109/2002)
- Primary Provisions in Extract: Section 1 (Citation); Section 2 (Declaration of an authorised unit trust scheme)
- Declared Scheme: “SGAM Global Sector Rotation (S$)”
- SL Number: SL 109/2002
- Made Date (as stated): 1 March 2002
- Status: Current version as at 27 Mar 2026 (per provided metadata)
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 3) Order 2002 is a short but legally significant instrument. Its core function is to declare a specific unit trust scheme—“SGAM Global Sector Rotation (S$)”—as an authorised unit trust scheme for the purposes of the Trustees Act.
In practical terms, the Order operates as a regulatory “gatekeeping” mechanism. Under the Trustees Act framework, certain unit trust schemes may be authorised, and authorisation carries legal consequences for how the scheme is treated under the Act. This Order is one of a series of subsidiary instruments that individually identify particular schemes that have been approved/authorised.
Because the instrument is targeted and scheme-specific, it does not set out a general regulatory code. Instead, it performs a formal legal step: it identifies the scheme and confirms that it is authorised under the Act. For lawyers advising trustees, fund managers, distributors, or investors, the key question is not “what new rules are created?” but rather “what legal status does this Order confer, and what does that status enable or require under the Trustees Act?”
What Are the Key Provisions?
Section 1 (Citation) provides the formal short title of the instrument: “Trustees (Authorised Unit Trust Scheme) (No. 3) Order 2002.” While this may appear purely administrative, citation provisions matter in legal practice because they ensure that the correct instrument is referenced in filings, compliance documentation, and regulatory correspondence.
Section 2 (Authorised unit trust scheme) is the substantive provision. It states that “The SGAM Global Sector Rotation (S$) is hereby declared as an authorised unit trust scheme for the purposes of the Act.” This language is the legal heart of the Order. The effect is to confer the statutory label “authorised unit trust scheme” on the named scheme.
From a practitioner’s perspective, the legal significance of this declaration typically lies in the way the Trustees Act treats authorised schemes differently from non-authorised schemes. Although the extract does not reproduce the Trustees Act provisions, the enabling provision (section 83) indicates that the Minister has a statutory power to make orders declaring schemes authorised. Once declared, the scheme can be treated as falling within the Act’s authorised category—subject to whatever ongoing conditions, governance requirements, and compliance obligations the Trustees Act and related regulations impose.
Enacting formula and making clause also matter. The Order states that it is made “in exercise of the powers conferred by section 83 of the Trustees Act” and is “made this 1st day of March 2002.” This confirms the legal basis for the declaration and helps establish validity. In disputes or compliance reviews, parties may need to demonstrate that the authorisation was made by the competent authority under the correct statutory power.
Notably, the extract does not include additional conditions, schedules, or detailed operational requirements. That absence is itself informative: the Order appears to be a declaration instrument rather than a comprehensive regulatory instrument. The detailed compliance regime would be expected to be found in the Trustees Act itself and any subsidiary regulations or notices made under it, rather than in this Order.
How Is This Legislation Structured?
The Order is structured in a simple, two-section format.
Section 1 deals with citation (how the Order is referred to).
Section 2 contains the operative declaration. It identifies the specific scheme—“SGAM Global Sector Rotation (S$)”—and declares it authorised for the purposes of the Trustees Act.
There are no Parts, schedules, or sub-sections in the extract. This reflects the nature of the instrument: it is not a broad legislative framework but a targeted authorisation order. In legal research and practice, such instruments are often read alongside the authorising Act (the Trustees Act) and any related subsidiary legislation governing unit trust schemes, trustee duties, and regulatory approvals.
Who Does This Legislation Apply To?
The Order applies to the unit trust scheme named in it—“SGAM Global Sector Rotation (S$)”—and, by extension, to the parties who operate, manage, administer, or distribute that scheme in reliance on its authorised status. While the text does not expressly list persons, authorisation orders typically have downstream effects for scheme operators and market participants.
In practice, the relevant stakeholders include: (i) the trustee(s) responsible for the scheme under the Trustees Act framework; (ii) the scheme’s management company or fund manager (to the extent it is involved in the scheme’s operation); and (iii) persons who market or distribute interests in the scheme, insofar as their ability to do so may depend on the scheme being authorised under the Act.
Why Is This Legislation Important?
Although the Order is brief, it is important because authorisation status can be pivotal to the legality and regulatory treatment of a unit trust scheme. For lawyers, the authorisation declaration is often a foundational document used to confirm that the scheme is within the statutory category recognised by the Trustees Act.
From a compliance standpoint, the Order provides a clear legal basis for treating “SGAM Global Sector Rotation (S$)” as authorised. This can affect how the scheme is documented in offering materials, how trustee compliance is framed, and how regulatory submissions or audits are conducted. In due diligence, counsel frequently verify whether a scheme is authorised, and if so, under which instrument and on what terms.
From an enforcement and risk perspective, the authorisation declaration helps delineate the boundary between schemes that are legally recognised under the Trustees Act and those that are not. If a scheme were not authorised, it could face legal exposure, including restrictions on dealing, marketing, or trustee arrangements. Conversely, where authorisation exists, the scheme still must comply with the broader statutory regime applicable to authorised schemes—meaning that authorisation is not a substitute for ongoing compliance.
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 2002 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.