Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 4) Order 2001
- Act Code: TA1967-S116-2001
- Legislation Type: Subsidiary legislation (Order)
- Authorising Act: Trustees Act (Cap. 337)
- Key Enabling Provision: Section 83 of the Trustees Act
- Enacting Formula: Made by the Minister for Law in exercise of powers under section 83
- Citation: Trustees (Authorised Unit Trust Scheme) (No. 4) Order 2001
- Order Number / Gazette Reference: SL 116/2001
- Date Made: 1 March 2001
- Commencement Date: Not stated in the extract (practitioners should confirm from the official publication)
- Current Status (as provided): Current version as at 27 Mar 2026
- Key Provisions in the Extract: Section 1 (Citation); Section 2 (Declaration of an authorised unit trust scheme)
- Declared Authorised Unit Trust Scheme: Five Arrows Worldwide Enterprise Trust
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 4) Order 2001 is a short piece of subsidiary legislation that performs a specific regulatory function: it designates a particular unit trust scheme as an “authorised unit trust scheme” for the purposes of the Trustees Act. In practical terms, it is a legal gateway that allows a named scheme—here, Five Arrows Worldwide Enterprise Trust—to be treated as authorised under the statutory framework governing unit trust schemes administered by trustees.
Although the Order is brief, its legal effect can be significant. In Singapore’s regulatory architecture, the authorisation of a unit trust scheme typically affects how the scheme may be marketed, administered, and supervised, and it may determine which statutory permissions and compliance obligations apply. By making the Order, the Minister for Law exercises the power granted under section 83 of the Trustees Act to formally recognise the scheme as authorised.
From a practitioner’s perspective, this Order is best understood as an administrative designation instrument rather than a comprehensive regulatory code. It does not set out detailed conduct requirements within the Order itself; instead, it identifies the scheme that is brought within the scope of the Trustees Act’s unit trust provisions. The substantive obligations therefore arise from the Trustees Act (and any related subsidiary legislation), while the Order supplies the critical “authorised” status.
What Are the Key Provisions?
Section 1 (Citation) provides the formal title by which the Order may be cited. While this is standard drafting, it matters for legal referencing in filings, regulatory correspondence, and due diligence documentation. When advising trustees, managers, or investors, counsel often needs to cite the exact authorisation instrument that confers authorised status.
Section 2 (Authorised unit trust scheme) is the operative provision. It declares that Five Arrows Worldwide Enterprise Trust “is hereby declared as an authorised unit trust scheme for the purpose of the Act.” This language is legally important: it ties the designation directly to “the Act” (the Trustees Act), meaning the scheme’s authorised status is not merely descriptive—it is purposive and statutory. The phrase “for the purpose of the Act” indicates that the authorisation is intended to trigger the legal consequences contemplated by the Trustees Act’s unit trust regime.
The Order is made “in exercise of the powers conferred by section 83 of the Trustees Act.” This enabling provision is the legal basis for the Minister’s authority to declare authorised schemes. For practitioners, this matters in two ways. First, it confirms that the Minister’s power is statutory and therefore not discretionary in an arbitrary sense; it must be exercised within the bounds of section 83. Second, it helps counsel assess whether any procedural or substantive preconditions for authorisation exist under the Trustees Act (for example, whether the scheme must satisfy eligibility criteria, documentation requirements, or other regulatory considerations).
Formalities and making date. The Order states it was “made this 1st day of March 2001” and is signed by the Permanent Secretary, Ministry of Law, Singapore (LIEW HENG SAN). While these are formalities, they can be relevant when determining the timeline of authorisation, especially in disputes about whether a scheme had authorised status at a particular time (e.g., for investor claims, compliance audits, or regulatory enforcement). The Gazette reference (SL 116/2001) also supports traceability.
How Is This Legislation Structured?
The Order is structured in a simple, two-section format typical of authorisation instruments. It contains:
(1) A citation provision (Section 1), enabling formal referencing; and
(2) A declaration provision (Section 2), identifying the specific scheme that is authorised.
There are no schedules, definitions, or detailed regulatory rules in the extract provided. Instead, the Order functions as a “designation” layer within the broader statutory framework. The detailed compliance and governance requirements are expected to be found in the Trustees Act itself and any relevant subsidiary legislation or regulatory guidelines made under it.
Who Does This Legislation Apply To?
In terms of direct application, the Order applies to the named scheme: Five Arrows Worldwide Enterprise Trust. The scheme’s trustees, management company (if any), and other persons responsible for operating the unit trust will be the primary stakeholders affected by the scheme’s authorised status. Authorisation typically influences what legal permissions are available and what statutory obligations attach to the scheme under the Trustees Act.
Indirectly, the Order also affects investors and market participants dealing with the scheme. For example, investors may rely on the scheme’s authorised status when assessing regulatory oversight. Similarly, intermediaries and advisers may need to confirm that the scheme they recommend is authorised under the relevant statutory framework. However, the Order itself does not regulate investor conduct; it is the Trustees Act that governs the broader rights, duties, and compliance expectations.
Why Is This Legislation Important?
Even though the Order is short, it is important because authorisation is often a prerequisite for lawful operation and/or lawful offering of unit trust interests within the statutory regime. In practice, the “authorised unit trust scheme” label can be central to regulatory compliance, marketing permissions, and the legitimacy of the scheme’s public-facing activities. Without authorisation, the scheme may be exposed to regulatory risk, including potential enforcement action for operating outside the statutory framework.
For lawyers advising trustees, fund managers, or compliance teams, the Order is a key document for due diligence. It provides a clear legal record that the scheme has been declared authorised. This can be crucial when preparing compliance attestations, responding to regulatory queries, or defending the scheme’s status in the context of investor disputes. Counsel may also use the Order to confirm the scheme’s authorisation date and to cross-check whether any subsequent amendments or re-authorisations occurred over time.
From an enforcement and governance perspective, the Order’s significance lies in its link to section 83 of the Trustees Act. It demonstrates that the Minister for Law has exercised statutory power to bring the scheme within the Act’s unit trust framework. Once authorised, the scheme is generally expected to comply with the substantive requirements of the Trustees Act—such as trustee responsibilities, scheme administration standards, and any reporting or disclosure obligations that the Act imposes on authorised schemes. Therefore, the Order is not merely ceremonial; it is the legal mechanism that activates the statutory regime for the named scheme.
Related Legislation
- Trustees Act (Chapter 337) — in particular, section 83 (enabling the Minister to declare authorised unit trust schemes)
- Other “Trustees (Authorised Unit Trust Scheme) … Orders” — similar designation instruments that authorise other named unit trust schemes (practitioners should check the relevant order for each scheme)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 4) Order 2001 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.