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 Authority: Minister for Law
- Legal Basis: Powers conferred by section 83 of the Trustees Act
- Citation: Trustees (Authorised Unit Trust Scheme) (No. 9) Order 2002
- Key Provision: Section 2 (Declaration of authorised unit trust schemes)
- Made Date: 24 April 2002
- Publication/SL Number: SL 192/2002 (dated 25 April 2002)
- Status: Current version as at 27 March 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 (Cap. 337). In practical terms, it is a formal “authorisation list” that declares specific unit trust funds as authorised unit trust schemes for the purposes of the Trustees Act.
Unit trusts are collective investment schemes that pool investors’ money and invest it according to a stated strategy. However, when trustees manage trust property, they are often subject to statutory restrictions and eligibility requirements on what investments they may hold. The Trustees Act framework uses the concept of “authorised unit trust schemes” to indicate which funds are permitted (or treated as suitable) for trustees acting under the Act.
This Order therefore does not itself regulate investment strategy, marketing, or fund operations in the way a securities or fund prospectus regime would. Instead, it performs a narrower but highly consequential function: it identifies particular DBS-branded unit trust funds that are to be treated as authorised for trustees under the Trustees Act. For practitioners, the key legal effect is that trustees can rely on the statutory authorisation status when considering whether a particular fund is eligible for trust investments.
What Are the Key Provisions?
Section 1 (Citation) provides the short title of the Order: “Trustees (Authorised Unit Trust Scheme) (No. 9) Order 2002”. While this is standard drafting, it matters for legal referencing, compliance documentation, and audit trails.
Section 2 (Authorised unit trust schemes) is the substantive provision. It declares that the following funds are hereby authorised unit trust schemes for the purposes of the Trustees Act:
(1) DBS UP Guaranteed Fund 5.0/2;
(2) DBS UP Guaranteed Fund 7.0/2;
(3) DBS UP Guaranteed Fund 5.0/3;
(4) DBS UP Guaranteed Fund 7.0/3;
(5) DBS Upswing Fund 5.0/1;
(6) DBS Upswing Fund 7.0/1;
(7) DBS Upswing Fund 5.0/2-90;
(8) DBS Upswing Fund 5.0/2-100;
(9) DBS Swing Fund 2.0/1; and
(10) DBS Swing Fund 5.0/1.
From a practitioner’s perspective, the legal importance lies in the designation of each named fund. Trustees typically need to confirm not only the investment manager or product family, but the exact scheme name and series/variant (for example, “5.0/2” versus “7.0/2”, or “2-90” versus “2-100”). This Order’s precision suggests that authorisation is scheme-specific rather than generic. Accordingly, when advising trustees, lawyers should ensure the trust’s holdings correspond exactly to the authorised scheme names listed in the Order (or any later amendments or replacement orders).
Enacting formula and making power also provide context. The Order states that it is made “in exercise of the powers conferred by section 83 of the Trustees Act”. This is significant because it indicates that the Minister’s role is to designate authorised schemes within the statutory scheme of trustee investment regulation. While the extract provided contains only sections 1 and 2, the making power signals that the authorisation is an administrative legislative act grounded in statutory authority.
Temporal and versioning considerations are also relevant. The document is shown as “current version as at 27 Mar 2026”, with the original making date in April 2002. Even though the Order is old, its continuing “current” status means it remains part of the operative legal landscape unless repealed or superseded by later orders. Practitioners should therefore check whether there are subsequent “authorised unit trust scheme” orders that add, modify, or replace the list, and whether the specific DBS funds remain available under the same scheme names.
How Is This Legislation Structured?
The Order is structured in a very concise format typical of authorisation orders. It contains:
(i) Enacting formula identifying the statutory power under the Trustees Act and the Minister for Law’s authority to make the Order.
(ii) Section 1 (Citation) setting out the short title.
(iii) Section 2 (Authorised unit trust schemes) listing the specific funds declared authorised.
There are no “Parts” or complex schedules in the extract. The operative content is essentially the list in section 2. This simplicity is legally meaningful: the Order’s effect is direct and does not require further interpretation of policy objectives or regulatory conditions within the instrument itself.
Who Does This Legislation Apply To?
This Order applies primarily to trustees and other persons who must comply with the investment eligibility rules under the Trustees Act. The authorisation is relevant when trustees are selecting investments for trust property and need to ensure that the investments fall within categories permitted or recognised by the Act.
Although the Order is addressed to the legal regime under the Trustees Act, it indirectly affects fund managers and investors as well. For example, if a unit trust fund is declared an authorised unit trust scheme, it becomes more accessible to trustees who are constrained by statutory investment rules. Investors holding units through a trust structure may therefore benefit from the trustee’s ability to invest in the authorised scheme.
In practice, lawyers advising trustees should treat the Order as part of a compliance checklist: confirm that the fund held (or proposed) is within the authorised list and that the scheme name and variant match the Order’s wording. Where trustees hold multiple series or where a fund has undergone renaming, consolidation, or restructuring, careful legal verification is required.
Why Is This Legislation Important?
Even though the Order is short, it can be highly significant in trustee investment practice. Under trust law and statutory regimes, trustees must act prudently and within the bounds of permitted investments. Authorised unit trust schemes provide a statutory pathway for trustees to invest in unit trusts without having to justify eligibility through more complex legal reasoning for each fund.
For compliance and risk management, the authorisation status reduces uncertainty. When a trustee invests in a fund that is declared authorised under the Trustees Act, the trustee can rely on the legislative designation as part of its decision-making and documentation. This can be particularly important during audits, internal reviews, or when trustees face challenges about investment performance or suitability.
From a transactional and advisory standpoint, the Order is also useful because it provides a clear reference point for due diligence. A practitioner can cite the Order when preparing investment memos, trustee resolutions, or compliance reports. However, because the Order lists specific fund variants, practitioners should not assume that all DBS unit trust products are authorised—only those named in section 2 (and any other authorised schemes declared by other orders) are covered.
Finally, the continuing “current version” status as at 27 March 2026 underscores that older authorisation orders may still matter. Trustees and their advisers should therefore not rely solely on the date of the fund’s launch or the date of the Order; instead, they should check the current legal status and cross-reference any later amendments or additional authorisation orders that might expand or update the authorised list.
Related Legislation
- Trustees Act (Cap. 337) — in particular, section 83 (the enabling provision for making orders declaring authorised unit trust schemes)
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.