Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 9) Order 2002
- Act Code: TA1967-S192-2002
- Legislation Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Enacting Power: Section 83 of the Trustees Act
- Citation: Trustees (Authorised Unit Trust Scheme) (No. 9) Order 2002
- Key Provisions: Section 2 (authorisation of specified funds as authorised unit trust schemes)
- Made Date: 24 April 2002
- Publication/SL Number: SL 192/2002
- Status: Current version as at 27 Mar 2026
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 9) Order 2002 is a Singapore subsidiary legislation instrument made under the Trustees Act. In practical terms, it is a “designation” order: it identifies particular investment funds that are to be treated as authorised unit trust schemes for the purposes of the Trustees Act.
Unit trust schemes are collective investment vehicles. The Trustees Act regulates how trustees may invest trust assets, including restrictions and permissions that depend on whether an investment is “authorised” under the Act. This Order therefore matters less for regulating the internal operations of the unit trust schemes themselves, and more for determining whether trustees can lawfully hold or invest trust property in the specified funds.
By declaring named DBS unit trust funds as authorised, the Minister for Law enables trustees (subject to the general duties and investment principles under the Trustees Act and general trust law) to treat these funds as permissible investments under the statutory framework. The Order is also a snapshot of the regulatory position as at its making date, while remaining “current” in the sense that the instrument is still accessible and not shown as repealed in the provided extract.
What Are the Key Provisions?
Section 1 (Citation) provides the short title of the instrument. This is standard drafting, but it is important for practitioners because it determines how the Order is referred to in legal documents, compliance checklists, and correspondence with trustees, custodians, and auditors.
Section 2 (Authorised unit trust schemes) is the operative provision. It states that “the following funds are hereby declared as authorised unit trust schemes for the purposes of the Act” and then lists ten specific DBS funds. The legal effect of this section is that each named fund becomes an “authorised unit trust scheme” within the meaning used by the Trustees Act.
The listed funds are:
- DBS UP Guaranteed Fund 5.0/2
- DBS UP Guaranteed Fund 7.0/2
- DBS UP Guaranteed Fund 5.0/3
- DBS UP Guaranteed Fund 7.0/3
- DBS Upswing Fund 5.0/1
- DBS Upswing Fund 7.0/1
- DBS Upswing Fund 5.0/2-90
- DBS Upswing Fund 5.0/2-100
- DBS Swing Fund 2.0/1
- DBS Swing Fund 5.0/1
Practical legal significance of the fund list. For a trustee, the key question is whether a particular fund is on the authorised list. If it is, the trustee can treat it as a permitted investment under the Trustees Act regime. If it is not, the trustee may face restrictions or need to rely on other permissions or exceptions. For lawyers advising trustees, investment committees, or trust administrators, the fund names in the Order are therefore not merely descriptive—they are the legal identifiers that determine eligibility.
Enacting formula and ministerial power. The Order is made “in exercise of the powers conferred by section 83 of the Trustees Act.” This indicates that the Minister has a statutory discretion to declare specified unit trust schemes as authorised. While the extract does not reproduce section 83 itself, the reference is a reminder that the authorisation is grounded in a specific legislative power, and that the designation is part of a broader regulatory architecture for trustee investments.
Making date and formalities. The Order was “made this 24th day of April 2002.” The formal making date can be relevant when determining whether authorisation existed at a particular time (for example, in disputes about whether a trustee’s investment decision was compliant at the time it was made). Even if the instrument is still “current” now, the historical compliance analysis may depend on the date the authorisation took effect.
How Is This Legislation Structured?
This Order is extremely concise and is structured in a typical subsidiary legislation format with an enacting formula and two substantive provisions.
Section 1 is the citation provision. Section 2 is the only substantive section and contains the list of authorised unit trust schemes. There are no schedules in the extract and no additional conditions, procedural requirements, or reporting obligations stated within the text provided.
From a practitioner’s perspective, the structure signals that the legal work is primarily interpretive and compliance-oriented: the practitioner must (i) confirm the fund name matches the authorised list, and (ii) connect that designation to the investment permissions and restrictions in the Trustees Act.
Who Does This Legislation Apply To?
The Order applies to trustees and persons acting in a trustee capacity who invest trust property in unit trust schemes regulated under the unit trust framework. The designation is “for the purposes of the Act,” meaning it operates within the Trustees Act’s investment regime. In other words, the Order does not directly regulate retail investors; rather, it affects the legality and permissibility of trustee investments.
In practice, the beneficiaries of the authorisation are trustees (including professional trustees, corporate trustees, and potentially other fiduciaries subject to the Trustees Act framework). Lawyers advising trust companies, trustees, and trust administrators should treat the Order as part of the compliance corpus used to determine whether a proposed or existing investment is authorised.
Why Is This Legislation Important?
Although the Order is short, it can be highly consequential in trust administration. Trustees are fiduciaries with duties of prudence, diversification (where applicable), and compliance with statutory investment rules. When the Trustees Act permits investments only if they are “authorised,” a designation order like this one becomes a gatekeeper document.
Compliance and risk management. If a trustee holds a fund that is not authorised (or holds it without satisfying any other statutory requirements), the trustee may be exposed to compliance breaches, potential claims by beneficiaries, or administrative issues with auditors and regulators. Conversely, if the trustee holds one of the funds listed in Section 2, the trustee can more confidently justify the investment as meeting the statutory authorisation requirement.
Transaction and documentation impact. In investment workflows, fund eligibility is often checked at the point of purchase, during periodic portfolio reviews, and when preparing trustee reports. The exact fund names in the Order should be reflected in investment records, resolutions, and custody instructions. A mismatch in naming (for example, if a fund has been renamed, merged, or restructured) can create uncertainty. While this Order does not address such corporate actions, practitioners should still verify whether the fund currently offered under the same or similar name corresponds to the authorised scheme.
Dispute resolution and historical analysis. In litigation or claims involving alleged improper investments, the date of authorisation can matter. The Order’s “made” date (24 April 2002) provides a reference point for whether the trustee’s investment decision could have been authorised at the relevant time. Even where the instrument is still accessible as “current,” the legal question in a dispute is often whether the investment was authorised when it was made.
Related Legislation
- Trustees Act (Cap. 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. 9) Order 2002 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.