Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 31) Order 2001
- Act Code: TA1967-S437-2001
- Legislative Type: Subsidiary Legislation (SL)
- Enacting Formula / Authority: Made by the Minister for Law under section 83 of the Trustees Act
- Official Citation: Trustees (Authorised Unit Trust Scheme) (No. 31) Order 2001
- SL Number: SL 437/2001
- Date Made: 7 September 2001
- Status: Current version as at 27 March 2026
- Key Provision(s): Section 1 (Citation); Section 2 (Declaration of an authorised unit trust scheme)
- Authorised Scheme Named: Optimix Sure Fund
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 31) Order 2001 is a short piece of Singapore subsidiary legislation that performs a specific regulatory function: it declares a particular unit trust scheme—the Optimix Sure Fund—to be an authorised unit trust scheme for the purposes of the Trustees Act.
In practical terms, the Order is not a comprehensive regulatory code for unit trusts. Instead, it acts as a legal “gateway” that allows the named scheme to be treated as authorised under the Trustees Act framework. This matters because the Trustees Act is concerned with what trustees may do and what investments are permissible or treated as suitable within the statutory scheme of trust administration.
Accordingly, the Order’s scope is narrow: it identifies one scheme and confers the legal status of “authorised unit trust scheme” on that scheme. That status then triggers the consequences that the Trustees Act attaches to authorised schemes—typically in relation to trustees’ investment powers, duties, and compliance expectations.
What Are the Key Provisions?
Section 1 (Citation) provides the formal short title of the instrument. While this is standard drafting, it is important for practitioners because it determines how the Order is referenced in legal documents, regulatory submissions, and correspondence with counterparties or regulators.
Section 2 (Authorised unit trust scheme) is the operative provision. It states that “The Optimix Sure Fund is hereby declared as an authorised unit trust scheme for the purpose of the Act.” This single sentence is the core legal effect of the Order.
From a lawyer’s perspective, the significance of Section 2 lies in the phrase “for the purpose of the Act”. The Trustees Act contains provisions that distinguish between authorised and non-authorised unit trust schemes. Once a scheme is declared authorised, it is treated as meeting the statutory criteria or policy objectives that underpin the authorisation regime. The Order therefore does not merely describe the scheme; it changes its legal classification within the Trustees Act.
Enacting authority and ministerial power. The enacting formula confirms that the Minister for Law makes the Order in exercise of the powers conferred by section 83 of the Trustees Act. This is relevant for legal validity and administrative law considerations. It indicates that the authorisation is not discretionary in an unstructured way; it is grounded in a specific statutory power. If a practitioner is assessing whether an authorisation is properly made, the statutory basis (section 83) is the starting point.
Temporal and procedural context. The Order is dated 7 September 2001 and is identified as SL 437/2001. Although the extract does not show a commencement clause, the instrument is part of the published subsidiary legislation and is shown as current as at 27 March 2026. In practice, practitioners should still confirm whether any later amendments or revocations exist (for example, if the scheme ceases, is restructured, or if the authorisation is withdrawn). The “current version” label suggests no changes to the text of this Order itself, but it does not automatically confirm that the underlying scheme remains active or that authorisation has not been affected by other regulatory actions.
How Is This Legislation Structured?
This Order is extremely concise and is structured in the typical format of a legislative instrument that performs a single declaratory act. It contains:
(1) An enacting formula identifying the Minister for Law and the statutory power under section 83 of the Trustees Act.
(2) Section 1 setting out the citation.
(3) Section 2 declaring the named unit trust scheme (Optimix Sure Fund) to be an authorised unit trust scheme for the purposes of the Trustees Act.
There are no additional parts, schedules, definitions, conditions, reporting requirements, or compliance mechanisms in the text provided. The instrument’s legal work is completed by the declaration in Section 2.
Who Does This Legislation Apply To?
The Order applies primarily to trustees and other persons whose powers and duties are governed by the Trustees Act. The authorisation status of a unit trust scheme is relevant when trustees consider whether they may invest in, hold, or otherwise deal with interests in that scheme under the statutory framework.
It also has practical implications for unit trust operators and distributors (such as the scheme’s management company or related parties), because being declared “authorised” can affect marketability to trustees and compliance positioning. However, the Order itself is not drafted as a regulatory obligation on the operator; rather, it is a legal classification that affects how trustees may treat the scheme.
Why Is This Legislation Important?
Even though the Order is brief, it is legally significant because it determines whether a particular unit trust scheme falls within the category of authorised unit trust schemes under the Trustees Act. For trustees, that classification can be pivotal to investment decisions and to meeting statutory expectations about permissible investments.
From a compliance and risk perspective, trustees typically need to ensure that their investment holdings align with the legal framework governing trust administration. If a scheme is authorised, trustees may be able to treat it as meeting the statutory requirements that the Trustees Act attaches to authorised schemes. Conversely, if a scheme is not authorised, trustees may face restrictions, additional diligence burdens, or the need to rely on alternative investment powers or approvals.
For practitioners advising trustees, the Order is therefore a key reference point. It can be used to support due diligence on investment eligibility and to document the legal basis for including the Optimix Sure Fund within a trust portfolio. For practitioners advising scheme operators, it can be relevant to demonstrating that the scheme has been recognised as authorised under the Trustees Act regime, which may influence trustee adoption and distribution channels.
Related Legislation
- Trustees Act (Cap. 337) — in particular section 83 (power to make orders declaring authorised unit trust schemes)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 31) Order 2001 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.