Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 37) Order 2001
- Act Code: TA1967-S583-2001
- Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Enacting Authority: Minister for Law
- Enacting Power: Section 83 of the Trustees Act
- SL Number: SL 583/2001
- Date Made: 27 November 2001
- Status: Current version (as at 27 March 2026)
- Commencement Date: Not stated in the extract provided
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 37) Order 2001 is a short piece of subsidiary legislation made under the Trustees Act. In practical terms, it performs a single regulatory function: it designates a particular collective investment product—an authorised unit trust scheme—for the purposes of the Trustees Act.
Under Singapore’s trust and trustee regulatory framework, certain investments and investment vehicles may be treated differently depending on whether they are “authorised” under the relevant statutory provisions. This Order therefore matters to trustees, trust administrators, and other persons who must ensure that trust investments comply with statutory requirements.
In this Order, the Minister for Law declares that “AIG International Funds – SGD Money Market Fund” is an authorised unit trust scheme. Once declared, the fund can be used in contexts where the Trustees Act permits or recognises authorised unit trust schemes, subject to any additional conditions that may apply under the Act or other regulatory regimes.
What Are the Key Provisions?
Section 1 (Citation) provides the formal name by which the Order may be cited. This is standard drafting: it ensures that practitioners and regulators can refer to the instrument consistently in legal documents, compliance checklists, and correspondence.
Section 2 (Authorised unit trust scheme) is the substantive provision. It declares that the specific fund—AIG International Funds – SGD Money Market Fund—is “hereby declared as an authorised unit trust scheme for the purposes of the Act.” The legal effect of this declaration is that the fund is brought within the statutory category of authorised unit trust schemes contemplated by the Trustees Act.
Although the extract does not reproduce the full text of the Trustees Act, the operative phrase “for the purposes of the Act” is significant. It means that the authorisation is not merely descriptive; it is intended to trigger the consequences that the Trustees Act attaches to authorised unit trust schemes. Those consequences may include, for example, enabling trustees to consider the fund as an eligible investment vehicle, or simplifying compliance where the Act distinguishes between authorised and non-authorised schemes.
Enacting formula and making date confirm that the Minister for Law exercised powers conferred by section 83 of the Trustees Act. The Order was made on 27 November 2001 by Liew Heng San, Permanent Secretary, Ministry of Law. For practitioners, the making date can be relevant when assessing whether the authorisation existed at a particular time (e.g., for historical transactions, valuation dates, or compliance audits).
How Is This Legislation Structured?
This Order is extremely concise and consists of an enacting formula and two operative provisions.
Enacting formula: It states the legal basis for the Minister’s action—powers under section 83 of the Trustees Act—and records that the Minister “hereby makes the following Order.” This is the legal foundation for the designation.
Provision 1 (Citation): Sets out the short title.
Provision 2 (Authorised unit trust scheme): Identifies the specific fund that is declared authorised. There are no schedules, conditions, or additional procedural requirements in the extract. The instrument therefore functions as a targeted designation order rather than a comprehensive regulatory code.
Who Does This Legislation Apply To?
The Order is made “for the purposes of the Act,” meaning its practical impact is felt by persons who operate within the Trustees Act framework—most notably trustees and those advising or administering trusts. While the Order itself addresses a fund, the authorisation is relevant to trustees because it affects what investments may be treated as authorised under the statutory scheme.
In practice, the beneficiaries of the authorisation are not only trustees but also compliance officers, trust companies, and legal practitioners who must advise on investment eligibility. Additionally, fund managers and distributors may benefit indirectly because authorisation can make the fund more readily usable within trust structures that require or prefer authorised schemes.
It is also important to note that authorisation under the Trustees Act is not necessarily the same as authorisation under securities or fund management legislation. The Order is specific to the Trustees Act’s investment framework. Accordingly, trustees and practitioners should treat this authorisation as one element in a broader compliance matrix, rather than assuming it resolves all regulatory requirements for dealing with the fund.
Why Is This Legislation Important?
Even though the Order is brief, it can have meaningful consequences for trust administration. Trustees often face statutory and fiduciary duties that require careful selection of investments. Where the law distinguishes between authorised and non-authorised unit trust schemes, a designation order like this can determine whether a particular fund is within the trustee’s permitted investment universe.
From a risk management perspective, the authorisation provides a clearer compliance pathway. Instead of relying on general investment discretion alone, trustees can point to an explicit statutory designation when documenting investment decisions. This can be particularly important during audits, internal governance reviews, or disputes where the trustee’s investment conduct is scrutinised.
For practitioners, the key practical takeaway is that the Order creates a legally recognised status for a named fund. When advising on trust investments, it is therefore prudent to verify whether the relevant unit trust scheme has been declared authorised under the Trustees Act (including by reference to the specific Order number and version status). The extract indicates the Order is “current version as at 27 Mar 2026,” which suggests that the designation remains in force unless amended or revoked by later instruments.
Finally, because the Order is dated 2001, practitioners dealing with historical matters should consider whether the authorisation was in place at the relevant time. The making date (27 November 2001) can be relevant for determining whether a trustee’s investment decision complied with the law as it stood at the time of acquisition or allocation.
Related Legislation
- Trustees Act (Chapter 337) — in particular, section 83 (the enabling provision for making orders declaring authorised unit trust schemes)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 37) Order 2001 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.