Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 7) Order 2001
- Act Code: TA1967-S225-2001
- Type: Subsidiary Legislation (SL)
- Legislative Status: Current version as at 27 Mar 2026
- Legislative Instrument Number: SL 225/2001
- Commencement: Not stated in the extract (instrument is dated and made on 11 April 2001; citation indicates 19 Apr 2001 as the SL date)
- Authorising Act: Trustees Act (Cap. 337)
- Key Provision(s): Section 1 (Citation); Section 2 (Declaration of an authorised unit trust scheme)
- Named Scheme (Declared Authorised): Schroder Japanese Equity Fund
- Enacting Authority: Minister for Law (exercising powers under section 83 of the Trustees Act)
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 7) Order 2001 is a short piece of subsidiary legislation that performs a specific regulatory function: it designates a particular collective investment arrangement as an “authorised unit trust scheme” for the purposes of the Trustees Act. In plain terms, it tells the market and regulators that the named scheme—Schroder Japanese Equity Fund—has been approved (by way of a formal legal declaration) to operate under the statutory framework applicable to authorised unit trust schemes.
In Singapore’s legal architecture, unit trust schemes are regulated through a combination of primary legislation (the Trustees Act) and subsidiary instruments that “authorise” particular schemes. This Order is one such instrument. It does not, by itself, create a comprehensive regulatory regime; rather, it plugs the named scheme into the regime established by the Trustees Act. Once authorised, the scheme is treated as falling within the category of schemes that can benefit from the statutory permissions and must comply with the associated requirements.
Because the Order is narrow in scope, practitioners should read it alongside the Trustees Act—especially the provisions that govern authorisation, ongoing compliance, and the legal consequences of being declared “authorised”. The Order is therefore best understood as a legal gateway document: it confers the authorised status that triggers the statutory framework.
What Are the Key Provisions?
Section 1 (Citation) provides the formal short title of the instrument: “Trustees (Authorised Unit Trust Scheme) (No. 7) Order 2001”. Citation provisions are standard in subsidiary legislation and are mainly relevant for legal referencing, pleadings, regulatory correspondence, and compliance documentation.
Section 2 (Authorised unit trust scheme) is the operative provision. It declares that “Schroder Japanese Equity Fund” is hereby declared as an authorised unit trust scheme for the purpose of the Act. This is the core legal act performed by the Order: it identifies the scheme by name and confers the statutory designation “authorised”.
Practically, this means that the scheme is recognised under the Trustees Act framework as an authorised unit trust scheme. For lawyers advising trustees, managers, distributors, or investors, the authorised status is often critical because it affects (i) the legal permissibility of the scheme’s operation, (ii) the regulatory expectations placed on the scheme and its operators, and (iii) the extent to which the scheme’s offering materials and conduct must align with statutory requirements.
Enacting formula and enabling power: The Order states that it is made “in exercise of the powers conferred by section 83 of the Trustees Act”. This is significant for interpretation. It indicates that the Minister for Law’s authority to designate authorised schemes is derived from the Trustees Act, and that the declaration is an exercise of statutory discretion or power. For practitioners, the enabling provision is often where one finds the criteria and procedural requirements for authorisation (for example, what must be satisfied before a scheme can be declared authorised, and what the legal consequences are). Even though those details are not contained in the Order itself, the reference to section 83 signals that the Trustees Act governs the substantive authorisation framework.
Making date and signature: The instrument records that it was “made this 11th day of April 2001” and is signed by Liew Heng San, Permanent Secretary, Ministry of Law. While this is largely administrative, the making date can matter for determining the timeline of authorisation, especially where compliance obligations, offering periods, or regulatory filings depend on when authorised status took effect.
How Is This Legislation Structured?
This Order is extremely concise. It contains:
- Section 1: Citation (how the Order may be referred to)
- Section 2: Declaration of the authorised unit trust scheme (Schroder Japanese Equity Fund)
There are no additional parts, schedules, definitions, or conditions in the extract provided. The structure reflects the nature of an authorisation order: it is designed to make a specific designation rather than to set out detailed regulatory rules. The detailed compliance obligations are therefore expected to be found in the Trustees Act itself and any other subsidiary instruments or regulatory guidance that apply to authorised unit trust schemes.
Who Does This Legislation Apply To?
The Order applies to the extent of its declaration: it concerns the “Schroder Japanese Equity Fund” and, by extension, the parties responsible for operating and administering that scheme under the Trustees Act framework. While the text does not expressly name trustees, managers, or custodians, in practice the authorised status is relevant to the scheme’s trustee(s) and the scheme’s management arrangements, because those parties are typically responsible for ensuring the scheme complies with statutory requirements applicable to authorised unit trust schemes.
More broadly, the Order has implications for market participants who interact with the scheme—such as distributors and advisers—because authorised status affects how the scheme may be offered and how its legal standing is understood. Investors also benefit indirectly: authorised schemes are subject to the statutory regime under the Trustees Act, which is intended to promote investor protection and regulatory oversight.
Why Is This Legislation Important?
Although the Order is short, it is legally significant because authorisation is often a threshold requirement. In many regulatory systems, the ability to operate as a unit trust scheme within a statutory framework depends on being formally authorised. By declaring the Schroder Japanese Equity Fund as an authorised unit trust scheme, the Order enables the scheme to be treated as falling within the scope of the Trustees Act’s authorisation regime.
For practitioners, the key importance lies in compliance and risk management. If a scheme is not properly authorised, there may be legal exposure for the operators and potential issues for investors and distributors. Conversely, where authorisation exists, lawyers must still ensure that the scheme continues to meet the ongoing obligations that apply to authorised unit trust schemes under the Trustees Act and related instruments. Authorisation is not merely a one-time label; it is tied to a continuing regulatory relationship.
Finally, the Order’s reference to section 83 of the Trustees Act underscores that authorisation is grounded in statutory power. This matters in disputes or regulatory investigations: the scheme’s authorised status can be verified by reference to the Order, and the legal basis for the Minister’s decision can be traced back to the enabling provision. In due diligence, transaction documentation, and regulatory submissions, being able to cite the correct authorisation order is often essential.
Related Legislation
- Trustees Act (Chapter 337): In particular, section 83 (the enabling provision referenced in the Order)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 7) Order 2001 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.