Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 42) Order 2001
- Act Code: TA1967-S588-2001
- Legislative Type: Subsidiary legislation (Order)
- Authorising Act: Trustees Act (Cap. 337)
- Enacting Authority: Minister for Law
- Key Enabling Provision: Section 83 of the Trustees Act
- Primary Effect: Declares a specific unit trust scheme as an “authorised unit trust scheme”
- Citation: “Trustees (Authorised Unit Trust Scheme) (No. 42) Order 2001”
- Made Date: 27 November 2001
- Publication/Instrument Reference: SL 588/2001
- Status: Current version as at 27 March 2026 (per the legislation portal)
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 42) Order 2001 is a short but legally significant instrument. In substance, it performs a single regulatory function: it designates a particular collective investment product—namely, AIG International Funds – Asian Equities Fund—as an “authorised unit trust scheme” for the purposes of the Trustees Act.
In plain language, the Order acts as a formal gateway. A unit trust scheme that is declared “authorised” is treated as meeting the statutory threshold required for the scheme to operate under the Trustees Act framework. This designation is typically relevant to how the scheme may be offered, administered, and held out to investors, and it signals that the scheme is within the regulatory perimeter contemplated by the Act.
Because the Order is made under section 83 of the Trustees Act, it is best understood as part of a broader regulatory architecture. The Trustees Act provides the legal basis for authorisation and oversight of unit trust schemes, while the various “Authorised Unit Trust Scheme” Orders identify the specific schemes that have been approved/declared as authorised. This particular Order is one of those scheme-specific declarations.
What Are the Key Provisions?
Section 1 (Citation) provides the formal name by which the Order may be cited. While this is standard drafting, it matters for legal referencing, compliance documentation, and regulatory correspondence. Practitioners typically cite the exact Order when confirming the authorisation status of a scheme.
Section 2 (Authorised unit trust scheme) is the operative provision. It states that “The AIG International Funds – Asian Equities Fund is hereby declared as an authorised unit trust scheme for the purposes of the Act.” This single sentence carries the legal consequence: the scheme is brought within the statutory category of “authorised unit trust scheme” under the Trustees Act.
From a practitioner’s perspective, the key interpretive point is the phrase “for the purposes of the Act”. That language indicates that the authorisation is not merely descriptive; it triggers the legal effects that the Trustees Act attaches to authorised schemes. Those effects may include (depending on the Act’s provisions and any related subsidiary legislation) requirements and permissions concerning trusteeship, administration, and the legal status of the scheme in relation to the Act’s regulatory regime.
Enacting formula and enabling power (section 83 of the Trustees Act) provide the legal authority for the Minister to make such declarations. The Order expressly states that it is made “in exercise of the powers conferred by section 83 of the Trustees Act.” This is important for validity and administrative law purposes. If a scheme were challenged, the existence of the enabling power would be central to the legality of the declaration.
Finally, the Order includes the making clause (“Made this 27th day of November 2001”) and the signature of the Permanent Secretary, Ministry of Law. While these elements are procedural, they are also relevant when verifying authenticity, publication, and the formal commencement of the instrument (even though the extract does not specify a separate commencement date beyond the making date).
How Is This Legislation Structured?
This Order is extremely concise and is structured around a simple two-section format:
(1) Citation — Section 1 identifies the instrument.
(2) Authorisation declaration — Section 2 identifies the specific unit trust scheme and declares it authorised under the Trustees Act.
There are no parts, schedules, or detailed conditions in the text extract provided. The regulatory “work” is done by the declaration itself, with the substantive legal consequences flowing from the Trustees Act and any other applicable regulatory instruments governing unit trust schemes.
Who Does This Legislation Apply To?
The Order applies directly to the AIG International Funds – Asian Equities Fund as a unit trust scheme. Its legal effect is scheme-specific: it does not create a general rule for all unit trust schemes, but rather confers authorised status on the named scheme.
Indirectly, the Order is relevant to parties involved in the scheme’s operation—most notably the trustee(s) and the management/administration arrangements for the fund—because the Trustees Act’s authorisation framework typically governs how trustees administer unit trust schemes. Investors and intermediaries may also rely on the authorised status when assessing whether the scheme is within the statutory category contemplated by the Trustees Act.
Why Is This Legislation Important?
Even though the Order is brief, it is important because authorisation status can be foundational to a scheme’s legal standing. In practice, “authorised unit trust scheme” designations are often relied upon in compliance workflows, offering documentation, and regulatory filings. A practitioner advising on distribution, custody, or trustee arrangements will typically confirm whether a scheme is authorised under the relevant statutory framework.
From an enforcement and risk perspective, the authorisation declaration helps define the boundary between schemes that are within the statutory regime and those that are not. If a scheme were marketed or operated as though it were authorised when it is not, that could raise regulatory and legal exposure. Conversely, where a scheme is properly declared authorised, it provides a clearer basis for compliance with the Trustees Act’s requirements.
Finally, the scheme-specific nature of the Order means that legal diligence requires checking the correct instrument and version. The portal indicates the Order is a “current version as at 27 Mar 2026,” and it also provides a timeline showing the original instrument date (29 Nov 2001 / SL 588/2001). For practitioners, this underscores the importance of verifying the correct version and ensuring that the authorisation remains effective in the relevant regulatory context (including any later amendments, repeals, or superseding authorisations that may affect the scheme’s status).
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. 42) Order 2001 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.