Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 4) Order 2002
- Act Code: TA1967-S110-2002
- Legislation Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Enacting Authority: Minister for Law
- Enacting Formula / Power: Made in exercise of powers conferred by section 83 of the Trustees Act
- Order Date: Made on 1 March 2002
- SL Number: SL 110/2002
- Commencement Date: Not specified in the extract (practitioners should confirm in the official publication)
- Status: Current version as at 27 Mar 2026
- Key Provisions (from extract): Sections 1 (Citation) and 2 (Authorised unit trust scheme)
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 4) Order 2002 is a short piece of subsidiary legislation that performs a single, targeted regulatory function: it designates a specific collective investment product—SGAM Global Sector Rotation (US$)—as an “authorised unit trust scheme” for the purposes of the Trustees Act.
In practical terms, the Order is part of Singapore’s framework for regulating unit trust schemes through the Trustees Act. While the Trustees Act sets out the legal architecture governing trustees and authorised schemes, the designation of particular schemes is done through ministerial orders. This Order is one such designation, made under the Minister for Law’s statutory power in section 83 of the Trustees Act.
Because the Order is limited to naming the authorised scheme, it does not itself create a full compliance regime. Instead, it operates as a gateway instrument: once a scheme is declared “authorised” under the Act, it becomes eligible to be treated as such under the Trustees Act’s regulatory consequences (including the legal status and permissions that flow from authorisation). Lawyers therefore read this Order together with the Trustees Act and any related subsidiary instruments governing unit trust schemes and trustees.
What Are the Key Provisions?
Section 1 (Citation) provides the formal name by which the instrument may be cited: “Trustees (Authorised Unit Trust Scheme) (No. 4) Order 2002.” This is standard drafting, but it matters for legal referencing in filings, regulatory correspondence, and submissions to courts or tribunals.
Section 2 (Authorised unit trust scheme) is the operative provision. It declares that “SGAM Global Sector Rotation (US$)” is hereby declared as an authorised unit trust scheme for the purposes of the Trustees Act. This single sentence is the core legal effect of the Order.
From a practitioner’s perspective, the significance of section 2 is not merely descriptive. The declaration triggers the scheme’s legal classification under the Trustees Act. That classification typically affects how the scheme is permitted to operate, how trustees may be appointed or act, and what regulatory expectations apply to the scheme and its management. Even though the extract does not reproduce the Trustees Act’s detailed provisions, the authorisation label is usually the legal hinge for downstream obligations and permissions.
Enacting formula and making clause: The Order states that it is made “in exercise of the powers conferred by section 83 of the Trustees Act.” It also records the making date (“Made this 1st day of March 2002”) and the signatory (LIEW HENG SAN, Permanent Secretary, Ministry of Law). These elements are important for validity and for confirming that the Minister (or authorised delegate) acted within the statutory authority. In disputes about whether a scheme is properly authorised, the statutory basis and the instrument’s formal execution can be crucial.
How Is This Legislation Structured?
This Order is extremely concise and is structured around two sections:
(1) Citation — identifies the instrument.
(2) Authorised unit trust scheme — lists the specific scheme that is authorised.
There are no “Parts” or detailed schedules in the extract, and no additional procedural requirements are set out within the Order itself. Instead, the Order relies on the broader framework of the Trustees Act. In other words, the Order functions as a declaratory designation rather than a comprehensive regulatory code.
For legal research and compliance work, this means that the practitioner should treat the Order as a designation instrument and then consult the Trustees Act (and any relevant subsidiary legislation) to understand the substantive consequences of being “authorised.”
Who Does This Legislation Apply To?
The Order applies to the extent it designates a particular unit trust scheme—SGAM Global Sector Rotation (US$)—as an authorised unit trust scheme under the Trustees Act. The immediate “subject” of the Order is therefore the scheme itself, including the parties who manage, market, administer, or hold interests in that scheme in reliance on its authorised status.
In practice, the beneficiaries of authorisation (and the parties who must ensure compliance) typically include the scheme’s trustee(s), management company, and any regulated intermediaries acting in connection with the scheme. However, the exact set of persons affected by the authorisation will depend on how the Trustees Act allocates duties and permissions to trustees and scheme operators. Accordingly, lawyers should read the Trustees Act’s provisions on authorised unit trust schemes and trustee responsibilities alongside this Order.
Why Is This Legislation Important?
Although the Order is short, it is legally important because it determines whether a specific unit trust scheme is recognised as “authorised” under the Trustees Act. In regulated financial products, authorisation status is often the difference between lawful operation within a statutory framework and operation that may be unlawful or subject to enforcement action.
For practitioners, the Order is also important for due diligence. When advising trustees, fund managers, distributors, or investors, counsel will often need to confirm whether a scheme is authorised and, if so, under which instrument. This Order provides a clear legal reference point: it identifies the scheme and the authorising mechanism (section 83 of the Trustees Act). In transactions and regulatory submissions, being able to cite the correct authorisation order can materially affect the defensibility of compliance representations.
Finally, the Order’s “current version” status as at 27 March 2026 indicates that the designation remains in force in the consolidated legislative database. That matters because authorisation designations can sometimes be amended, revoked, or superseded by later orders. While the extract does not show amendments, the practitioner should still check the legislation timeline and versions to confirm whether the scheme’s authorised status has been modified since 2002.
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. 4) Order 2002 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.