Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 39) Order 1999
- Act Code: TA1967-S540-1999
- Type: Subsidiary legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Enacting Authority: Minister for Law
- Legislation Number: SL 540/1999
- Citation: Trustees (Authorised Unit Trust Scheme) (No. 39) Order 1999
- Commencement: Made on 6 December 1999 (the extract does not specify a separate commencement date)
- Current status (as provided): Current version as at 27 Mar 2026
- Key Provisions (from extract): s 1 (Citation); s 2 (Authorised unit trust scheme)
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 39) Order 1999 is a short piece of subsidiary legislation made under the Trustees Act (Cap. 337). In practical terms, it performs a single regulatory function: it designates a specific collective investment arrangement—namely, a particular unit trust fund—as an “authorised unit trust scheme” for the purposes of the Trustees Act.
In plain language, the Order is a formal recognition by the Minister for Law that a named scheme meets the legal criteria necessary to be treated as an authorised unit trust scheme. This designation matters because the Trustees Act uses the concept of an “authorised unit trust scheme” as a legal gateway for trustees and other regulated actors to hold, administer, or deal with such schemes in accordance with the Act.
Although the Order itself is brief, it sits within a broader regulatory framework. The Trustees Act governs trustees’ powers and responsibilities, including what investments trustees may make or hold. By issuing an Order that authorises a particular scheme, the Minister effectively updates the list of schemes that trustees can treat as authorised under the Act.
What Are the Key Provisions?
Section 1 (Citation) provides the formal name by which the Order may be cited. While this is standard drafting, it is important for legal referencing, compliance documentation, and due diligence. Practitioners typically cite the exact Order when confirming whether a particular unit trust scheme has been authorised under the Trustees Act.
Section 2 (Authorised unit trust scheme) is the substantive provision. It states that Savers USD Money Market Fund is declared as an authorised unit trust scheme for the purpose of the Trustees Act. This declaration is the legal mechanism that brings the named fund within the statutory category of “authorised unit trust scheme”.
From a practitioner’s perspective, the key legal effect of section 2 is not merely descriptive; it is functional. Once a scheme is authorised, trustees who are subject to the Trustees Act can rely on that authorisation when considering whether the scheme falls within the permitted universe of investments under the Act. In many trustee investment contexts, authorisation status can be decisive for whether an investment is compliant, whether it is suitable for trust purposes, and whether trustees can discharge their duties without breaching statutory constraints.
Enacting formula and statutory power also matter. 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 designate authorised unit trust schemes is expressly delegated by the Trustees Act. For lawyers, this is relevant when assessing validity and administrative law considerations: the Minister is acting within the statutory power granted, and the Order is therefore a lawful exercise of delegated legislation-making authority.
Formalities (date and signature) provide further legal certainty. The Order is “made this 6th day of December 1999” and signed by GOH KIM LEONG, Permanent Secretary, Ministry of Law. These details support the authenticity of the instrument and assist in verifying the correct version through the legislation timeline.
How Is This Legislation Structured?
The Order is extremely concise and is structured around two provisions:
(1) Citation — a standard section that identifies the instrument.
(2) Authorised unit trust scheme — the operative section that names the specific fund declared authorised.
There are no “Parts” or complex schedules in the extract. Instead, the instrument functions as a targeted designation order. In practice, such Orders are often issued periodically (e.g., “(No. 39)”) to add new schemes to the authorised category under the Trustees Act.
Who Does This Legislation Apply To?
The Order itself is directed at the regulatory classification of a particular unit trust scheme. However, its practical impact is felt by trustees and persons acting in a trustee capacity who must comply with the investment and administrative rules under the Trustees Act. If a trustee is considering whether a unit trust fund can be treated as an authorised unit trust scheme, the Order provides the legal basis for that classification.
Additionally, the fund’s management and promoters may be indirectly affected. Authorisation can influence whether the scheme is eligible for certain trustee investment mandates, whether it can be marketed or distributed to trustee investors who require statutory compliance, and how compliance representations are made in offering and trustee documentation.
It is also relevant to legal advisers conducting due diligence. When advising trustees, trust companies, or institutional investors operating under trust law constraints, counsel must confirm whether the relevant scheme is authorised under the Trustees Act. This Order is the primary legal document for that confirmation for the named fund.
Why Is This Legislation Important?
Even though the Order is short, it is important because it determines eligibility and compliance within the trustee investment regime. In trustee law practice, statutory permissions and restrictions can be decisive. If a scheme is not authorised, trustees may face limitations on whether they can hold it, and they may need to consider alternative investment vehicles or obtain appropriate approvals (depending on the broader statutory framework and any exemptions).
For practitioners, the Order is also important for risk management. Trustees have duties to act prudently and in the best interests of beneficiaries. Investing in a scheme that is not authorised (where authorisation is required by the Trustees Act) can create compliance risk, potential breach allegations, and the need for remedial steps. Conversely, when a scheme is authorised, trustees can more confidently align their investment decisions with statutory requirements.
Finally, the Order illustrates how Singapore’s regulatory system uses subsidiary legislation to keep the authorised universe current. The “(No. 39)” numbering suggests a series of similar Orders. This means that lawyers should not rely on general knowledge or outdated lists; instead, they should check the legislation timeline and confirm the current status of the relevant Order and scheme name.
Related Legislation
- Trustees Act (Cap. 337) — in particular, section 83 (the enabling provision referenced in the Order)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 39) Order 1999 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.