Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 4) Order 2004
- Act Code: TA1967-S67-2004
- Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Key Enabling Provision: Section 83 of the Trustees Act
- Enacting Formula: Minister for Law makes the Order in exercise of powers under section 83
- Legislative Citation: SL 67/2004
- Date Made: 12 February 2004
- Commencement Date: Not stated in the extract (practitioners should confirm in the official publication)
- Current Status (as provided): Current version as at 27 March 2026
- Key Provisions: Section 1 (Citation); Section 2 (Declaration of authorised unit trust scheme)
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 4) Order 2004 is a short piece of Singapore subsidiary legislation that performs a specific regulatory function: it formally declares a particular collective investment arrangement—CapitaCommercial Trust—as an “authorised unit trust scheme” for the purposes of the Trustees Act.
In practical terms, the Order is about eligibility and regulatory recognition. Under the Trustees Act framework, certain unit trust schemes may be recognised as “authorised” only if they are declared as such by the Minister for Law (or otherwise meet the statutory criteria). This recognition matters because it affects how trustees and related market participants can lawfully deal with, administer, or invest in units of the scheme within the legal boundaries established by the Trustees Act.
Although the Order itself contains only two operative provisions, it sits within a broader statutory architecture. The Trustees Act governs trustees and trustee-related matters, including the circumstances in which trustees may act in relation to trust property and investments. By declaring CapitaCommercial Trust as an authorised unit trust scheme, the Minister effectively places it within the category of schemes that trustees can treat as authorised under the Act.
What Are the Key Provisions?
Section 1 (Citation) provides the formal short title of the instrument. This is standard drafting: it allows practitioners, regulators, and courts to refer to the Order easily in correspondence, filings, and legal arguments. While it does not create substantive rights or obligations, it is important for proper legal referencing.
Section 2 (Authorised unit trust scheme) is the core operative provision. It states that CapitaCommercial Trust is hereby declared as an authorised unit trust scheme for the purposes of the Act. This declaration is the legal mechanism that triggers the scheme’s status under the Trustees Act.
From a practitioner’s perspective, the significance of Section 2 is not merely descriptive. The phrase “for the purposes of the Act” indicates that the declaration is intended to have legal consequences within the Trustees Act regime—most notably in how trustees may be permitted (or facilitated) to deal with the scheme as part of their trustee functions. Depending on the specific provisions of the Trustees Act that rely on the concept of an “authorised unit trust scheme,” the declaration may affect permissible investments, trustee duties, and compliance requirements.
Notably, the extract does not include any additional conditions, schedules, or limitations. That means the declaration appears to be categorical: once declared, CapitaCommercial Trust is authorised under the Act without further qualifiers in the Order itself. However, practitioners should still verify whether the Trustees Act or other regulatory instruments impose ongoing requirements (for example, disclosure, governance, or other compliance obligations) that apply to authorised schemes generally.
Finally, the enacting formula and the “Made this 12th day of February 2004” line confirm that the Minister for Law exercised statutory powers under section 83 of the Trustees Act. This is relevant for administrative law and statutory interpretation: it demonstrates the legal basis for the declaration and supports the validity of the instrument as an exercise of delegated legislative authority.
How Is This Legislation Structured?
The Order is extremely concise and is structured into two numbered provisions:
(1) Citation — identifies the instrument as the “Trustees (Authorised Unit Trust Scheme) (No. 4) Order 2004.”
(2) Authorised unit trust scheme — declares CapitaCommercial Trust to be an authorised unit trust scheme for the purposes of the Trustees Act.
There are no Parts, no schedules, and no definitions section in the extract. This is typical for a declaration-type subsidiary instrument. The operative content is therefore entirely contained in Section 2.
Who Does This Legislation Apply To?
The Order applies primarily to trustees and persons acting in trustee capacity who rely on the Trustees Act framework when considering investments or dealings involving unit trust schemes. While the Order does not directly regulate investors or the public, it affects the legal environment in which trustees operate.
It also applies to the scheme itself—CapitaCommercial Trust—because the scheme’s status as “authorised” is what makes it relevant under the Act. In practice, the declaration may be used by trustees, custodians, fund administrators, and legal advisers to confirm that the scheme falls within the authorised category contemplated by the Trustees Act.
Although the Order is directed at the legal status of a scheme, its downstream effect is felt by trustees’ investment decisions and compliance processes. For example, when a trustee is required to ensure that trust property is invested in accordance with statutory permissions, the authorised status of the relevant unit trust scheme becomes a key compliance checkpoint.
Why Is This Legislation Important?
Even though the Order is short, it can be highly consequential in legal practice. In trust and investment matters, the difference between an authorised and non-authorised scheme can determine whether a trustee has a lawful basis to hold or invest in units of that scheme. Therefore, the Order functions as a critical “gatekeeping” instrument within the Trustees Act ecosystem.
From a compliance perspective, practitioners often need to provide evidence of the legal status of an investment product. The declaration in Section 2 provides a clear, authoritative statement that CapitaCommercial Trust is authorised for the purposes of the Trustees Act. This can be used in internal investment policies, trustee resolutions, legal opinions, and regulatory audits.
From a governance perspective, the authorisation status may also influence how trustees conduct due diligence. While the Order itself does not set out conditions, trustees typically still need to consider suitability, risk, and ongoing compliance obligations under general trust law principles and any applicable statutory requirements. The authorised status is therefore best understood as a threshold legal permission, not a substitute for fiduciary and prudential duties.
Finally, the instrument’s continued “current version” status as at 27 March 2026 (as provided) indicates that the declaration remains in force in the consolidated legal record. Practitioners should still check the legislation timeline and official publication for any amendments or repeals, but the provided status suggests that the declaration has not been superseded.
Related Legislation
- Trustees Act (Chapter 337) — in particular, section 83 (the enabling provision for making authorisation orders)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 4) Order 2004 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.