Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 4) Order 2002
- Act Code: TA1967-S110-2002
- Legislative Type: Subsidiary Legislation (SL)
- Status: Current version as at 27 Mar 2026
- Singapore Legal Instrument No.: SL 110/2002
- Date Made: 1 March 2002
- Date of Citation/Instrument: 4 March 2002 (as reflected in the timeline)
- Authorising Act: Trustees Act (Chapter 337)
- Key Enabling Provision: Section 83 of the Trustees Act
- 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 made under the Trustees Act. Its practical function is to “declare” a particular collective investment arrangement—specifically, a unit trust scheme—as an authorised unit trust scheme for the purposes of the Trustees Act.
In plain terms, the Order identifies one named scheme—SGAM Global Sector Rotation (US$)—and confirms that it is authorised. This kind of declaration matters because the Trustees Act uses the concept of “authorised unit trust scheme” to determine which schemes may be treated as falling within the regulatory framework and legal permissions contemplated by the Act.
Although the Order itself contains only two operative provisions, it is legally significant. Authorisation is not merely administrative branding; it is a statutory status that affects how the scheme is regulated, how trustees and scheme operators may act, and how investors and market participants can rely on the scheme’s standing under the Trustees Act.
What Are the Key Provisions?
Section 1 (Citation) provides the formal name by which the Order may be cited. This is standard legislative drafting: it ensures that lawyers, regulators, and parties can refer to the instrument consistently in correspondence, filings, and legal documents.
Section 2 (Authorised unit trust scheme) is the core operative provision. It states that SGAM Global Sector Rotation (US$) is “hereby declared as an authorised unit trust scheme for the purposes of the Act.” This declaration is the legal mechanism by which the scheme obtains the statutory status of authorisation.
From a practitioner’s perspective, the key interpretive point is that the authorisation is scheme-specific and name-specific. The Order does not authorise “any SGAM sector rotation fund” generally; it authorises the scheme identified by the exact name and currency designation: SGAM Global Sector Rotation (US$). This matters when advising on compliance, marketing materials, offering documents, and any subsequent changes to the scheme’s name, share/unit class structure, or base currency.
Finally, the enacting formula and the “Made” date provide the legal provenance of the instrument. The Order is made “in exercise of the powers conferred by section 83 of the Trustees Act” by the Minister for Law. This confirms that the authorisation flows from a specific statutory power, rather than from general regulatory discretion. The signature block—by the Permanent Secretary, Ministry of Law—also indicates the formal authority under which the instrument was executed.
How Is This Legislation Structured?
This Order is extremely concise and is structured around a simple two-section format.
Section 1 is procedural (citation). Section 2 is substantive (declaration of the authorised unit trust scheme). There are no schedules, definitions, or detailed regulatory conditions in the extract provided. The Order therefore functions as a “status instrument” rather than a comprehensive regulatory code.
In practice, the detailed regulatory requirements for trustees and unit trust schemes are typically found in the Trustees Act itself and any other subsidiary legislation made under it. This Order should be read as a targeted declaration that plugs the named scheme into the broader legal framework established by the Trustees Act.
Who Does This Legislation Apply To?
The Order applies to the SGAM Global Sector Rotation (US$) unit trust scheme and, by extension, to the persons who operate, manage, or act as trustees or responsible parties for that scheme in their capacity under the Trustees Act framework.
While the Order does not expressly list categories of persons (such as trustees, management companies, or distributors), the phrase “for the purposes of the Act” indicates that the authorisation status is relevant to the legal rights, obligations, and regulatory treatment that the Trustees Act attaches to authorised unit trust schemes. Accordingly, when advising trustees, scheme operators, or their counsel, the authorisation status is a foundational fact that may affect compliance steps and legal documentation.
Why Is This Legislation Important?
Even though the Order is short, it is important because authorisation under the Trustees Act can be a gatekeeping concept. A scheme’s status as an authorised unit trust scheme can influence how the scheme is permitted to operate within Singapore’s legal environment and how trustees and related parties must structure their arrangements.
For practitioners, the most immediate value of this Order is evidentiary and transactional. When preparing legal opinions, reviewing offering materials, or conducting due diligence, counsel often needs to confirm whether a particular unit trust scheme has been declared authorised under the relevant statutory regime. This Order provides that confirmation for the named scheme.
In addition, authorisation status can affect ongoing compliance. If the scheme undergoes changes—such as alterations to its name, currency denomination, or fundamental investment strategy—lawyers should consider whether the authorisation remains accurate or whether a further declaration or amendment is required. Because the Order is name- and scheme-specific, any divergence between the scheme as marketed/operated and the scheme as declared may create legal risk.
Finally, the instrument illustrates how Singapore’s legislative architecture works for financial products under the Trustees Act: rather than embedding all authorisation details in one long regulation, the system uses targeted orders to declare specific schemes. This approach allows the regulatory framework to remain stable while enabling new schemes to be authorised through discrete instruments.
Related Legislation
- Trustees Act (Chapter 337), in particular section 83 (enabling power for the Minister to make 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.