Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 30) Order 2001
- Act Code: TA1967-S436-2001
- Legislation Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Enacting Authority: Minister for Law
- Enacting Formula / Power: Made under section 83 of the Trustees Act
- Citation: Trustees (Authorised Unit Trust Scheme) (No. 30) Order 2001
- Key Provision: Declaration of an authorised unit trust scheme
- Declared Scheme: Optimix Continuous Click Fund S&P 500-USD
- Date Made: 7 September 2001
- Publication / SL Number: SL 436/2001
- Status: Current version as at 27 March 2026
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 30) Order 2001 is a short but legally significant instrument. In plain terms, it is an official declaration by the Minister for Law that a particular investment product—the Optimix Continuous Click Fund S&P 500-USD—is an “authorised unit trust scheme” for the purposes of the Trustees Act (Cap. 337).
In Singapore, trustees (for example, trustees of trusts and other fiduciaries acting in a trust capacity) are often subject to statutory rules about what kinds of investments they may hold. The Trustees Act provides a framework for trustees’ investment powers and restrictions, including the ability to invest in certain authorised schemes. This Order is one of the mechanisms used to expand or specify which unit trust schemes qualify as authorised under that framework.
Although the Order itself contains only two operative provisions, its effect can be substantial. Once a scheme is declared “authorised”, trustees who are subject to the Trustees Act may be able to treat that scheme as a permitted investment—subject to the Act’s broader requirements and any conditions that apply to trustees’ conduct, suitability, and administration.
What Are the Key Provisions?
Section 1 (Citation) provides the short title of the instrument: Trustees (Authorised Unit Trust Scheme) (No. 30) Order 2001. While this is standard drafting, it matters for legal referencing, compliance documentation, and for practitioners verifying which specific authorisation order applies to a given scheme.
Section 2 (Authorised unit trust scheme) is the core operative provision. It states that the Optimix Continuous Click Fund S&P 500-USD is hereby declared as an authorised unit trust scheme for the purposes of the Trustees Act.
This declaration is not merely descriptive; it is the legal trigger that brings the scheme within the category of investments recognised by the Trustees Act. In practice, lawyers advising trustees will typically need to confirm whether a particular unit trust scheme is “authorised” because that status can affect whether the trustee’s investment is within statutory permission. The Order therefore functions as a gatekeeping document: it identifies which schemes qualify, and it does so by name.
Enacting power and ministerial authority. The Order is made “in exercise of the powers conferred by section 83 of the Trustees Act”. This indicates that the Minister for Law has been empowered by Parliament to designate authorised unit trust schemes. For practitioners, this is important for understanding the legal basis of the declaration and for assessing the validity of the authorisation process. It also helps explain why the Order is structured as a ministerial declaration rather than a substantive amendment to the Trustees Act itself.
Temporal and versioning considerations. The legislation extract shows the instrument as “current version” as at 27 March 2026, with the original making date being 7 September 2001 and the publication date being 10 September 2001 (SL 436/2001). For compliance work, it is essential to confirm whether the scheme remains authorised and whether there have been amendments, revocations, or replacements. Even where the text of the Order is short, the legal status may depend on whether later instruments have superseded it or whether the scheme’s authorisation has been withdrawn.
How Is This Legislation Structured?
The Order is extremely concise and consists of an Enacting Formula followed by two provisions:
(1) Citation — a standard provision identifying the instrument by its short title; and (2) Authorised unit trust scheme — the substantive declaration naming the authorised scheme.
There are no parts, schedules, or detailed conditions in the extract provided. This is typical for authorisation orders: the substantive criteria for trustees’ investments are contained in the Trustees Act, while the subsidiary legislation performs the administrative function of listing or designating specific schemes as authorised.
Who Does This Legislation Apply To?
This Order is directed at the investment universe relevant to trustees under the Trustees Act. While the Order does not impose obligations directly on investors or unit trust managers, it affects the legal position of trustees and other persons who must comply with the Trustees Act when making investments.
Accordingly, the Order is relevant to:
(a) Trustees administering trusts who are subject to statutory investment rules; and
(b) Advisers (including lawyers and compliance officers) who must determine whether a proposed unit trust investment is permissible under the Trustees Act.
It is also relevant to unit trust scheme operators and their counsel indirectly, because authorisation status can influence whether the scheme is attractive to trustees who are constrained by statutory rules. However, the legal “apply to” effect is primarily on trustees’ investment decisions rather than on the scheme’s marketing or general availability.
Why Is This Legislation Important?
Even though the Trustees (Authorised Unit Trust Scheme) (No. 30) Order 2001 is brief, it can be highly consequential in trust administration. Trustees often face practical constraints: they must act prudently, within their powers, and in compliance with statutory requirements. When the Trustees Act recognises certain authorised unit trust schemes, it provides trustees with a clearer compliance pathway for investing in collective investment vehicles.
From a practitioner’s perspective, the key value of this Order lies in certainty. Instead of relying on general investment discretion, trustees can point to a specific ministerial declaration that the named scheme is authorised. This can reduce compliance risk and support defensible decision-making—particularly where a trustee’s investment performance, suitability, or fiduciary compliance is later scrutinised.
In terms of enforcement and consequences, the Order itself does not set penalties. However, if a trustee invests in a scheme that is not authorised (or invests outside the statutory framework), the trustee may face legal exposure, including challenges to the propriety of the investment and potential liability for breach of trust or breach of statutory duty. Conversely, investing in an authorised scheme can help trustees demonstrate that they acted within the statutory investment permissions, though it does not eliminate other duties such as prudence, diversification, and suitability.
Related Legislation
- Trustees Act (Chapter 337) — in particular, section 83 (the enabling provision for authorisation orders)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 30) Order 2001 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.