Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 37) Order 1999
- Act Code: TA1967-S538-1999
- Type: Subsidiary Legislation (SL)
- Legislative Status: Current version (as at 27 Mar 2026)
- Legislative Instrument Number: SL 538/1999
- Date Made: 6 December 1999
- Date of Publication/Commencement (as reflected in timeline): 7 December 1999
- Authorising Act: Trustees Act (Chapter 337)
- Key Enabling Provision: Section 83 of the Trustees Act
- Key Provisions (from extract): Section 1 (Citation); Section 2 (Authorised unit trust scheme)
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 37) Order 1999 is a short piece of Singapore subsidiary legislation that performs a specific regulatory function: it designates a particular collective investment arrangement—namely, a named unit trust fund—as an “authorised unit trust scheme” for the purposes of the Trustees Act.
In plain language, the Order does not create a new regulatory framework from scratch. Instead, it uses powers granted under the Trustees Act to add a specific scheme to the list of schemes that receive the legal status of “authorised unit trust schemes”. This status is significant because it determines how the scheme may be offered and administered under the Trustees Act regime.
The extract provided shows that the Order is essentially an administrative designation instrument. It identifies the scheme by name—“Savers AUD Money Market Fund”—and declares it authorised. Once declared, the scheme falls within the statutory category that the Trustees Act regulates, subject to the broader requirements and consequences that flow from being “authorised”.
What Are the Key Provisions?
Section 1 (Citation) provides the formal short title of the instrument: “Trustees (Authorised Unit Trust Scheme) (No. 37) Order 1999”. For practitioners, this matters for accurate referencing in filings, correspondence, and legal analysis, particularly where multiple “authorised unit trust scheme” orders exist (as indicated by the “(No. 37)” numbering).
Section 2 (Authorised unit trust scheme) is the operative provision. It states that “Savers AUD Money Market Fund” is hereby declared as an authorised unit trust scheme for the purpose of the Act. This is the core legal act: the Minister for Law, acting under the Trustees Act, confers the statutory designation on the named fund.
Although the extract is brief, the legal effect is substantial. The phrase “for the purpose of the Act” signals that the designation is not merely descriptive; it is tied to the operation of the Trustees Act. In practice, being declared “authorised” typically affects the regulatory treatment of the scheme—such as the ability to be marketed or offered in Singapore under the statutory regime, and the applicability of the Trustees Act’s governance, oversight, and compliance requirements to the scheme and its trustee/manager arrangements.
Enacting formula and enabling power are also important. The Order is made “in exercise of the powers conferred by section 83 of the Trustees Act”. This indicates that the Minister’s authority to declare authorised schemes is statutory and that the Order is an exercise of delegated legislative power. For legal practitioners, this is relevant when assessing validity, scope, and whether the designation was made within the limits of the enabling provision.
Made by the Minister for Law: The Order records that it was made by the Minister for Law and signed by the Permanent Secretary, Ministry of Law (Goh Kim Leong). While this is largely formal, it provides assurance of proper execution and the identity of the issuing authority.
How Is This Legislation Structured?
This Order is structured in a very streamlined manner, reflecting its administrative nature. It contains:
(1) An enacting formula that identifies the enabling power (section 83 of the Trustees Act) and confirms that the Minister for Law makes the Order.
(2) A short title provision (Section 1), which facilitates citation.
(3) A single operative provision (Section 2), which declares the named unit trust scheme—“Savers AUD Money Market Fund”—to be an authorised unit trust scheme for the purposes of the Trustees Act.
There are no additional parts, schedules, definitions, or detailed compliance requirements in the extract. Those substantive requirements are instead located in the Trustees Act itself and any other relevant subsidiary legislation or regulatory instruments that govern authorised unit trust schemes.
Who Does This Legislation Apply To?
The Order applies to the specific unit trust scheme named in it: Savers AUD Money Market Fund. In legal terms, the “authorised unit trust scheme” designation attaches to the scheme, and the scheme’s trustee and/or management entities will typically be the parties that must ensure compliance with the Trustees Act regime that applies to authorised schemes.
More broadly, the Order is relevant to market participants and advisers who need to determine whether a particular fund is legally authorised under the Trustees Act. For example, lawyers advising trustees, fund managers, distributors, or investors may need to confirm whether a scheme has been declared authorised by a relevant “authorised unit trust scheme” order.
Because the Order is a designation instrument, it does not regulate the public directly in the way a licensing or conduct statute might. Instead, it determines the scheme’s legal status, which then triggers the operation of the Trustees Act’s framework for authorised unit trust schemes.
Why Is This Legislation Important?
Even though the Order is short, it is important because it is a gateway document in the legal architecture for unit trust regulation under the Trustees Act. The designation of a scheme as “authorised” is often a prerequisite for lawful offering and administration under the statutory regime. For practitioners, this means that the Order can be a critical piece of evidence when assessing whether a fund is operating within the authorisation framework.
From a compliance and risk perspective, the designation reduces uncertainty. If a scheme is declared authorised by a specific order, advisers can point to the statutory basis for its status. Conversely, if a scheme is not declared authorised (or if the authorisation has lapsed or been superseded by later instruments), the scheme may face regulatory exposure, including potential issues relating to misrepresentation of status, non-compliance with statutory requirements, or the inability to rely on authorisation-related protections.
Practically, this Order also illustrates how Singapore’s regulatory system uses targeted subsidiary legislation to manage authorisations for specific funds. Rather than embedding fund-by-fund authorisations within the Trustees Act itself, the system relies on ministerial orders. For legal research and due diligence, this means practitioners should not only read the Trustees Act but also search for the relevant “authorised unit trust scheme” orders that correspond to the fund in question.
Finally, the Order’s “(No. 37)” numbering and the existence of multiple similar instruments (as implied by the numbering) underscore the need for careful version control and timeline checking. The instrument’s status is shown as current as at 27 Mar 2026, but practitioners should still verify whether any later amendments, revocations, or replacement orders exist for the same scheme.
Related Legislation
- Trustees Act (Chapter 337) — in particular, section 83 (the enabling provision for authorising unit trust schemes)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 37) Order 1999 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.