Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 8) Order 2002
- Act Code: TA1967-S191-2002
- Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Enacting Authority: Minister for Law
- Legal Power Used: Section 83 of the Trustees Act
- Citation: Trustees (Authorised Unit Trust Scheme) (No. 8) Order 2002
- Key Provision: Section 2 (declaration of authorised unit trust schemes)
- Declared Schemes (Section 2): Henderson Global Equity Fund; Henderson Global Bond Fund; Henderson Global Balanced Fund
- Date Made: 24 April 2002
- Publication/SL Number: SL 191/2002 (dated 25 April 2002)
- Status: Current version as at 27 Mar 2026
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 8) Order 2002 is a Singapore subsidiary legislation instrument made under the Trustees Act. Its central function is administrative and declaratory: it identifies specific collective investment funds that are to be treated as “authorised unit trust schemes” for the purposes of the Trustees Act.
In plain language, the Order answers a practical question that trustees, trust administrators, and professional advisers frequently face: which unit trust funds are eligible to be held or dealt with under the statutory framework governing trustees’ investments. By declaring named funds as “authorised unit trust schemes”, the Order enables trustees to rely on the authorisation status when considering investment allocations, subject to the broader requirements of the Trustees Act and any related regulatory conditions.
Although the text provided is short, its legal effect can be significant. Authorisation under the Trustees Act can influence whether a trustee’s investment is compliant with statutory investment rules, and it can reduce uncertainty for trustees who must demonstrate that their investment decisions fall within permitted categories. The Order therefore operates as a gatekeeping mechanism within the wider trust law regime.
What Are the Key Provisions?
Section 1 (Citation) provides the formal name by which the instrument may be cited. This is standard in subsidiary legislation and is mainly relevant for legal referencing, pleadings, and compliance documentation.
Section 2 (Authorised unit trust schemes) is the operative provision. It declares that the following funds are “authorised unit trust schemes” for the purposes of the Trustees Act:
- (1) Henderson Global Equity Fund
- (2) Henderson Global Bond Fund
- (3) Henderson Global Balanced Fund
From a practitioner’s perspective, the key point is that the authorisation is fund-specific. The Order does not authorise “Henderson” generally, nor does it authorise a broad class of “global” funds. Instead, it names particular funds. This means that trustees must verify that the exact fund they intend to hold is one of the declared schemes. If a fund name changes, is restructured, or is replaced by a successor scheme, the trustee should not assume continuity of authorisation without checking whether a later order (or amendment) has been made.
Enacting power and legal context: the Order is made “in exercise of the powers conferred by section 83 of the Trustees Act”. While the extract does not reproduce section 83, the reference indicates that Parliament has delegated to the Minister for Law the authority to declare authorised unit trust schemes. In practice, this means that authorisation is not automatic; it is conferred by ministerial order. Lawyers advising trustees should therefore treat such orders as part of the statutory compliance landscape, alongside the Trustees Act’s substantive investment rules.
Made date and commencement: the Order was made on 24 April 2002 and published as SL 191/2002 on 25 April 2002. The extract does not specify a separate commencement date. In many Singapore subsidiary legislation instruments, commencement is either immediate upon publication or specified elsewhere; where not specified, practitioners typically confirm the commencement rule in the relevant legislative framework or the legislation portal’s metadata. For compliance purposes, the effective date matters when assessing whether a trustee’s investment decision occurred after the relevant authorisation.
How Is This Legislation Structured?
The Order is structured in a simple, two-section format:
- Section 1 sets out the citation.
- Section 2 lists the authorised unit trust schemes by name.
There are no schedules or detailed conditions in the extract provided. This is typical of authorisation orders: the legal instrument performs a declaration function rather than establishing a comprehensive regulatory regime. The substantive obligations and consequences for trustees arise from the Trustees Act itself, not from this Order’s text.
Who Does This Legislation Apply To?
The Order applies to persons and entities whose duties fall within the scope of the Trustees Act—most importantly, trustees and those advising or administering trusts. The authorisation is “for the purposes of the Act”, meaning that the declaration is relevant when trustees consider whether a particular unit trust investment is permitted or treated as authorised under the statutory scheme.
In practical terms, the Order is relevant to:
- Trustees (individual or corporate) managing trust assets;
- Professional trust administrators and fund administrators supporting trustee compliance;
- Legal advisers assessing investment powers and statutory compliance; and
- Compliance officers within financial institutions that act as trustees or manage trust portfolios.
It is also relevant to unit trust operators and distributors indirectly, because authorisation status can affect whether their funds are suitable for trustee investment mandates. However, the Order itself is not a licensing or conduct regulation instrument; it is a declaration that supports trustees’ investment eligibility under the Trustees Act.
Why Is This Legislation Important?
Even though the Order is brief, it can be important in real-world trustee decision-making. Trustees are often required to invest trust property in a manner consistent with statutory requirements and the terms of the trust. Where the Trustees Act provides categories of permitted investments—such as authorised unit trust schemes—an order like this one becomes a compliance cornerstone. It reduces ambiguity and helps trustees document that their investments fall within an authorised class.
From an enforcement and risk perspective, the authorisation status can matter in disputes and audits. If a trustee invests in a unit trust that is not authorised (or not authorised at the relevant time), the trustee may face challenges relating to breach of trust, failure to comply with statutory duties, or difficulties in defending investment decisions. Conversely, where the fund is clearly named in an authorisation order, trustees have a stronger basis to demonstrate compliance with the statutory investment framework.
For practitioners, the Order also illustrates a broader legal practice point: authorisation is not universal and must be checked against the specific list. Lawyers should therefore treat authorisation orders as living compliance references. The extract indicates that the “current version” is as at 27 Mar 2026, but the Order itself was made in 2002. That does not necessarily mean the underlying funds still exist in the same form. Funds may merge, change names, or be replaced. Accordingly, practitioners should confirm whether the relevant fund continues to correspond to the authorised scheme name and whether any later orders have updated the authorisation landscape.
Finally, the Order’s reliance on section 83 of the Trustees Act underscores that the authorisation mechanism is ministerial and statutory. This means that any change in authorisation status is likely to occur through further subsidiary legislation rather than through informal industry practice. For legal certainty, trustees and advisers should monitor the legislation timeline and amendments to ensure they are relying on the correct version and the correct authorisation list.
Related Legislation
- Trustees Act (Cap. 337) — in particular, section 83 (power to declare authorised unit trust schemes) and the investment-related provisions that operate “for the purposes of the Act”.
- Timeline / subsidiary legislation framework — for checking the correct version and any subsequent amendments or replacement orders.
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 8) Order 2002 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.