Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 9) Order 1999
- Act Code: TA1967-S123-1999
- Type: Subsidiary Legislation (SL)
- Status: Current version (as at 27 Mar 2026)
- Enacting Authority: Minister for Law
- Authorising Act: Trustees Act (Cap. 337)
- Key Enabling Provision: Section 86 of the Trustees Act
- Primary Operative Provisions: Sections 1 (Citation) and 2 (Authorised unit trust scheme)
- Declared Scheme: United Foreign Equity Fund
- Date Made: 20 March 1999
- Commencement Date: Not stated in the extract (typically effective upon making unless otherwise provided)
- Legislative Instrument Number: SL 123/1999
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 9) Order 1999 is a short piece of subsidiary legislation made under the Trustees Act. In practical terms, it performs a single regulatory function: it formally declares a particular unit trust scheme—United Foreign Equity Fund—to be an “authorised unit trust scheme” for the purposes of the Trustees Act.
In Singapore’s legal framework, unit trust schemes are subject to statutory oversight. The Trustees Act establishes the legal regime governing trustees and unit trust arrangements, including requirements that apply to schemes that are marketed or operated as “authorised” schemes. The Order is therefore not a comprehensive regulatory code; rather, it is an enabling instrument that brings a specific scheme within the statutory category of authorised schemes.
Because the Order is scheme-specific, its scope is narrow. It does not create general rules for all unit trust schemes; instead, it identifies one scheme by name and confers the legal status of authorisation under the Act. For practitioners, the key legal effect is that once a scheme is declared authorised, it can operate under the authorisation framework contemplated by the Trustees Act, and it becomes subject to the attendant statutory consequences—both benefits and compliance obligations—associated with authorised status.
What Are the Key Provisions?
Section 1 (Citation) provides the formal name by which the Order may be cited. This is standard legislative drafting and is mainly relevant for legal referencing, pleadings, and compliance documentation.
Section 2 (Authorised unit trust scheme) is the operative provision. It states that “United Foreign Equity Fund is hereby declared as an authorised unit trust scheme for the purposes of the Act.” This single sentence is the legal mechanism by which the scheme is brought within the statutory authorisation regime.
From a practitioner’s perspective, the significance of section 2 lies in the legal consequences of being “authorised” under the Trustees Act. While the extract does not reproduce the Trustees Act provisions, the Order’s reference to “for the purposes of the Act” indicates that the authorisation status triggers the application of the Trustees Act’s regulatory framework to that scheme. Typically, such frameworks govern matters including (i) the lawful establishment and operation of unit trust schemes, (ii) the role and duties of trustees, and (iii) the regulatory permissions and conditions that apply to authorised schemes.
Although the Order itself is brief, it is important to understand that authorisation is not merely a label. In most regulatory systems, authorisation affects how the scheme may be offered, administered, and supervised. Therefore, lawyers advising trustees, managers, or distributors should treat the authorisation declaration as a foundational legal fact that must be reflected in compliance manuals, offering documents, and regulatory filings.
The Order also includes the enacting formula, which states that it is made in exercise of powers conferred by section 86 of the Trustees Act. This is legally relevant because it confirms the statutory basis for the Minister’s authority to declare schemes authorised. In administrative law terms, the existence of an express enabling provision helps establish the validity of the instrument and supports its enforceability.
Finally, the Order records the making date (“Made this 20th day of March 1999”) and is signed by the Permanent Secretary, Ministry of Law (Goh Kim Leong). These details are relevant for verifying the instrument’s authenticity and for any historical regulatory analysis (for example, when assessing whether a scheme was authorised at a particular time).
How Is This Legislation Structured?
The Order is structured in a conventional, minimal format typical of scheme-specific authorisation instruments. It contains:
(a) Enacting Formula — identifies the statutory power under section 86 of the Trustees Act and confirms that the Minister for Law makes the Order.
(b) Citation — provides the short title for referencing the instrument.
(c) Operative Provision — section 2, which declares the named unit trust scheme (United Foreign Equity Fund) to be an authorised unit trust scheme for the purposes of the Trustees Act.
There are no additional parts, schedules, conditions, or detailed regulatory requirements in the extract. This reflects the legislative design: the Trustees Act supplies the substantive regulatory framework, while the Order supplies the scheme-specific authorisation designation.
Who Does This Legislation Apply To?
The Order applies primarily to the United Foreign Equity Fund unit trust scheme and the parties operating it within the Trustees Act framework—most notably the trustee and any scheme manager or related persons who must ensure compliance with the Trustees Act as it applies to authorised schemes.
Because the Order is “for the purposes of the Act,” its direct legal effect is on the scheme’s status under the Trustees Act. Indirectly, it affects other market participants who deal with the scheme in a regulatory context—such as persons preparing offering materials, distributors, and compliance officers—because those parties must align their processes with the scheme’s authorised status and the statutory obligations that attach to it.
For practitioners, the practical question is not only “who is named in the Order,” but also “what obligations follow from authorised status under the Trustees Act.” Even though the Order does not list those obligations, the authorisation designation is typically the gateway to the Act’s compliance regime.
Why Is This Legislation Important?
Despite its brevity, the Order is legally significant because it determines whether a particular unit trust scheme falls within the authorised category under the Trustees Act. Authorised status can be central to the legality of the scheme’s operation and to how it is presented to investors and intermediaries. In disputes, regulatory investigations, or due diligence exercises, the existence of an authorisation order is often a key document establishing the scheme’s regulatory standing at a given time.
For lawyers advising trustees or scheme operators, the Order should be treated as a foundational instrument for regulatory compliance. It supports the proposition that the scheme is recognised under the Trustees Act as an authorised unit trust scheme. This can matter when drafting or reviewing constitutional documents, trustee agreements, compliance policies, and investor-facing materials that must accurately reflect the scheme’s regulatory status.
For legal practitioners conducting transaction due diligence—such as acquisitions, restructurings, or fund transfers—this Order may be relevant to confirm that the scheme is properly authorised and that the relevant regulatory framework applies. It may also be relevant in assessing historical compliance, because the Order’s making date (20 March 1999) helps establish the timeline of authorisation.
Finally, the Order illustrates a broader regulatory approach: rather than embedding scheme-specific details in the Trustees Act itself, Singapore uses subsidiary legislation to designate particular schemes. This approach allows the regulatory framework to remain stable while enabling targeted authorisation decisions through ministerial orders.
Related Legislation
- Trustees Act (Chapter 337) — in particular, section 86 (the enabling provision referenced in the Order)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 9) Order 1999 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.