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
- Key Enabling Provision: Section 83 of the Trustees Act
- Citation: Trustees (Authorised Unit Trust Scheme) (No. 4) Order 2002
- SL Number: SL 110/2002
- Date Made: 1 March 2002
- Commencement Date: Not stated in the extract (commonly effective upon making/notification unless otherwise provided)
- Status: Current version as at 27 Mar 2026
- Core Substantive Provision: Declaration of a specific unit trust scheme as “authorised”
- Authorised Unit Trust Scheme (as named): SGAM Global Sector Rotation (US$)
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 4) Order 2002 is a short piece of subsidiary legislation made under the Trustees Act. Its practical purpose is to designate a particular collective investment product—a named unit trust scheme—as an “authorised unit trust scheme” for the purposes of the Trustees Act.
In plain terms, the Order does not create a new regulatory framework from scratch. Instead, it operates within an existing statutory system under the Trustees Act, where certain unit trust schemes must be “authorised” to qualify for the legal treatment and permissions contemplated by that Act. Once a scheme is declared authorised, it can fall within the statutory regime that governs how trustees and related parties may deal with such schemes.
Because the Order is scheme-specific, it is best understood as a legal “switch” that turns on the authorisation status for one identified scheme: SGAM Global Sector Rotation (US$). For practitioners, the key question is not the general policy behind unit trusts, but the legal consequences that flow from authorisation under the Trustees Act—particularly for trustees, fund managers, and parties structuring or marketing the scheme.
What Are the Key Provisions?
Section 1 (Citation) provides the short title of the Order. This is standard legislative drafting: it tells lawyers and regulators how to refer to the instrument in legal documents, filings, and correspondence.
Section 2 (Authorised unit trust scheme) is the substantive provision. It declares that “SGAM Global Sector Rotation (US$)” is hereby declared as an authorised unit trust scheme for the purposes of the Trustees Act. The wording is important: the authorisation is not generic (not “all SGAM schemes” or “sector rotation schemes”), but specific to the named scheme and its currency denomination (US$).
From a practitioner’s perspective, this scheme-specific identification can matter in several ways. First, the authorisation status may attach to the scheme as constituted at the time of authorisation (including its terms, structure, and denomination). Second, if there are later changes—such as renaming, restructuring, changing the investment mandate, or introducing a new share class or currency variant—legal teams typically need to consider whether the existing authorisation remains applicable or whether a new authorisation order is required. While the extract does not address amendments or continuity, the precision of the scheme name suggests that authorisation is tied to the scheme as legally identified.
Enabling power and ministerial action: The enacting formula states that the Minister for Law makes the Order in exercise of powers conferred by section 83 of the Trustees Act. This indicates that authorisation is a statutory discretion exercised by the Minister. Although the extract does not reproduce section 83, practitioners should treat it as the legal foundation for why the Minister can declare particular schemes authorised and what criteria or procedural steps may be relevant under the Trustees Act.
Formalities: The Order includes the making date (“Made this 1st day of March 2002”) and signature block (Permanent Secretary, Ministry of Law). These elements are relevant for validating the instrument and for determining the timeline of authorisation.
How Is This Legislation Structured?
This Order is extremely concise and consists of an enacting formula and two numbered provisions.
Enacting formula: It sets out the legal basis for the Minister’s action—powers under section 83 of the Trustees Act—and identifies the Minister for Law as the maker of the Order.
Provision 1 (Citation): Provides the short title.
Provision 2 (Authorised unit trust scheme): Contains the operative declaration. It is the only substantive section in the extract and is the sole place where the scheme is identified and authorised.
Notably, the instrument does not include detailed regulatory conditions, reporting obligations, or compliance requirements within its text. Those obligations, if any, are expected to be found in the Trustees Act and any related subsidiary legislation or regulatory notices. Accordingly, the Order should be read as a “designation” instrument rather than a comprehensive compliance code.
Who Does This Legislation Apply To?
The Order applies to the extent that the Trustees Act confers rights, permissions, or regulatory consequences on “authorised unit trust schemes.” While the Order itself is addressed to the legal status of a scheme, the practical effect is felt by the parties involved with the scheme—most importantly trustees and other regulated actors who must comply with the Trustees Act regime when dealing with authorised unit trusts.
In practice, the relevant stakeholders typically include: (1) the trustee(s) responsible for holding scheme assets or performing statutory trustee functions; (2) the manager or operator of the unit trust scheme; and (3) any parties whose conduct is regulated by reference to whether a scheme is authorised. Investors and the public may also be indirectly affected, because authorisation status can influence how the scheme is marketed, administered, and supervised under the statutory framework.
Because the Order is scheme-specific, it does not automatically apply to all unit trust schemes. Instead, it applies to SGAM Global Sector Rotation (US$) as a legal entity/product within the meaning used by the Trustees Act.
Why Is This Legislation Important?
Even though the Order is short, it is legally significant because authorisation status can be a gateway to the statutory treatment of unit trust schemes under the Trustees Act. For practitioners, the authorisation declaration is often a foundational fact that must be established in due diligence, regulatory filings, and legal documentation.
For example, when advising trustees, fund managers, or counterparties, lawyers commonly need to confirm whether a scheme is authorised. The Order provides a clear statutory basis for that confirmation. It also helps in assessing whether the scheme falls within the scope of trustee-related permissions and obligations under the Trustees Act.
Additionally, the currency denomination “(US$)” embedded in the scheme name can be important for structuring and compliance. If the scheme is offered in multiple currencies or if there are parallel series, practitioners should verify whether authorisation covers the relevant variant. Misalignment between the scheme being offered and the scheme declared authorised can create legal and regulatory risk.
Finally, the Order’s “current version” status as at 27 Mar 2026 indicates that the authorisation declaration remains in force (unless later amended, revoked, or superseded by subsequent instruments). Practitioners should still check the legislation timeline and any later amendments or replacement orders, but the stated status suggests that the authorisation has not been withdrawn in the period reflected by the database.
Related Legislation
- Trustees Act (Cap. 337) — in particular, section 83 (the enabling provision referenced in the enacting formula)
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.