Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 35) Order 1999
- Act Code: TA1967-S464-1999
- Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Key Enabling Power: Section 83 of the Trustees Act
- Enacting Formula: Made by the Minister for Law
- Citation: Trustees (Authorised Unit Trust Scheme) (No. 35) Order 1999
- Primary Provision: Declaration of an “authorised unit trust scheme”
- Declared Scheme: “Millennium III”
- Date Made: 19 October 1999
- SL Number: SL 464/1999
- Status: Current version as at 27 March 2026
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 35) Order 1999 is a short piece of Singapore subsidiary legislation that performs a specific regulatory function: it formally declares a particular collective investment arrangement—namely, the “Millennium III” unit trust scheme—as an authorised unit trust scheme for the purposes of the Trustees Act.
In plain terms, the Order is a legal gateway. The Trustees Act sets out a framework governing trustees and unit trust schemes, including the circumstances in which a unit trust scheme may be treated as “authorised” and therefore subject to the Act’s regulatory regime. This Order uses the Minister’s statutory power to add a named scheme to that authorised category.
Because the Order is scheme-specific and declaratory, it does not itself create a broad regulatory code. Instead, it “turns on” the application of the Trustees Act to the declared scheme. Practitioners therefore need to read the Order together with the Trustees Act provisions it is made under—particularly the authorisation mechanism in section 83 and the consequences that follow from being an authorised scheme.
What Are the Key Provisions?
Section 1 (Citation). This provision simply states how the Order may be cited. While it is not substantive, citation clauses are important for legal referencing, especially when advising on compliance, reporting, or the status of a scheme.
Section 2 (Authorised unit trust scheme). This is the operative clause. It provides that “Millennium III” is hereby declared as an authorised unit trust scheme for the purpose of the Act. The legal effect is that the scheme is recognised under the Trustees Act framework as meeting the criteria for authorisation (as determined through the statutory process leading to the Minister’s declaration).
From a practitioner’s perspective, the key question is not what the Order says in isolation, but what the Trustees Act requires once a scheme is declared authorised. Typically, authorisation affects the legal status of the scheme and the regulatory obligations imposed on trustees and related parties. It may also affect how the scheme is marketed, administered, and supervised, and what statutory protections or compliance duties apply.
Enacting authority and ministerial power. The enacting formula states that the Minister for Law makes the Order “in exercise of the powers conferred by section 83 of the Trustees Act.” This matters for legal validity and for interpretive purposes. It confirms that the declaration is grounded in a specific statutory delegation. If a scheme’s authorisation is challenged, the enabling power and the procedural steps under section 83 become central to the analysis.
How Is This Legislation Structured?
The Order is extremely concise and structured around two provisions:
(1) Citation — a standard clause enabling the document to be referred to by name; and
(2) Authorised unit trust scheme — the declaratory clause identifying the scheme (“Millennium III”) and specifying that it is authorised for the purposes of the Trustees Act.
There are no schedules, definitions, reporting requirements, or detailed compliance rules within the Order itself. The structure reflects its function as a “designation instrument” rather than a comprehensive regulatory statute. As a result, the practical legal work usually involves cross-referencing the Trustees Act and any related subsidiary legislation or regulatory guidance that governs authorised unit trust schemes.
Who Does This Legislation Apply To?
The Order applies to the “Millennium III” unit trust scheme and, by extension, to the trustees and persons who administer or operate that scheme in Singapore in a manner that falls within the Trustees Act regime. While the Order does not name trustees or managers directly, authorisation declarations typically have downstream effects on the trustees’ legal duties and the scheme’s regulatory treatment.
In practice, lawyers advising trustees, scheme administrators, fund managers, or compliance teams should treat the Order as confirming that the scheme is within the category of “authorised unit trust schemes” under the Trustees Act. That status may determine which statutory obligations apply, what governance and operational requirements must be met, and what regulatory permissions or reporting duties are triggered.
Why Is This Legislation Important?
Although the Order is short, it is legally significant because authorisation status can be determinative. In collective investment structures, the difference between an authorised and non-authorised scheme can affect statutory compliance, supervisory oversight, and the legal framework governing trust property, trustee responsibilities, and scheme administration.
For practitioners, the Order is also important as a matter of legal certainty. It provides an official, dated ministerial declaration that “Millennium III” is authorised. This can be critical when assessing whether a scheme’s operations are consistent with the Trustees Act, when preparing legal opinions, or when responding to regulatory queries.
Finally, the Order’s reliance on section 83 of the Trustees Act underscores that authorisation is a statutory act. If there are disputes about the scheme’s status—such as questions about whether authorisation was properly granted, whether it remains effective, or whether amendments affect the scheme—lawyers must examine the enabling provision and the legislative history and timeline. The Order’s “current version” status as at 27 March 2026 indicates that the declaration remains part of the operative legal landscape, subject to any later amendments or repeals affecting the underlying Trustees Act framework.
Related Legislation
- Trustees Act (Cap. 337) — in particular, section 83 (the enabling power for authorisation orders)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 35) Order 1999 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.