Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) Order 2001
- Act Code: TA1967-S50-2001
- Legislative Type: Subsidiary legislation (Order)
- Authorising Act: Trustees Act (Cap. 337), section 83
- Enacting Formula: Made by the Minister for Law under powers conferred by section 83 of the Trustees Act
- Commencement: Not stated in the extract (Order is dated and published as SL 50/2001)
- Legislative Citation: “No. S 50” (SL 50/2001)
- Current Status (per extract): Current version as at 27 Mar 2026
- Key Provisions: Section 1 (Citation); Section 2 (Declaration of authorised unit trust scheme)
- Authorised Scheme Declared: “Schroder Capital Protected Funds”
- Date Made: 29 January 2001
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) Order 2001 is a short piece of subsidiary legislation that performs a single regulatory function: it formally declares a particular collective investment arrangement—an “authorised unit trust scheme”—for the purposes of the Trustees Act (Cap. 337). In practical terms, the Order identifies which unit trust scheme is recognised as “authorised” under the statutory framework that governs trustees and related trust arrangements.
In plain language, the Trustees Act provides a legal regime for trustees and certain trust-related activities, including the circumstances in which unit trust schemes may be treated as authorised for statutory purposes. Section 83 of the Trustees Act empowers the Minister for Law to make an Order declaring a unit trust scheme to be an authorised unit trust scheme. This Order is the Minister’s exercise of that power.
Because the Order is narrowly drafted, its scope is limited. It does not create a comprehensive regulatory code for unit trust management, disclosure, or investment conduct. Instead, it acts as a “gatekeeping” instrument: once a scheme is declared authorised, it can benefit from the legal consequences that flow from being an authorised unit trust scheme under the Trustees Act.
What Are the Key Provisions?
Section 1 (Citation) is a standard provision. It states that the Order may be cited as the Trustees (Authorised Unit Trust Scheme) Order 2001. While this does not affect substantive rights or obligations, it is important for legal referencing, pleadings, and compliance documentation.
Section 2 (Authorised unit trust scheme) is the operative provision. It declares that “Schroder Capital Protected Funds” is hereby declared as an authorised unit trust scheme for the purpose of the Act. This declaration is the legal mechanism that links the named scheme to the Trustees Act framework.
From a practitioner’s perspective, the key question is not only “what is declared authorised?” but also “authorised for what purpose?” The extract indicates that the declaration is “for the purpose of the Act,” meaning the Trustees Act. The legal consequences of being an authorised unit trust scheme will therefore be found in the Trustees Act itself—particularly in provisions that apply only to authorised unit trust schemes, or that confer specific permissions, exemptions, or compliance pathways.
Although the Order contains only two sections, its legal effect can still be significant. A declaration under section 83 typically affects how trustees, custodians, and other relevant parties may structure their roles and responsibilities in relation to the scheme. It may also influence how statutory duties are interpreted, how certain procedural requirements apply, and whether particular statutory protections or regimes are triggered.
Enacting authority and ministerial discretion: The enacting formula states that the Minister for Law makes the Order in exercise of powers conferred by section 83 of the Trustees Act. This signals that the declaration is not automatic; it is a ministerial act grounded in statutory authority. For lawyers, this matters when assessing the legitimacy of the declaration, potential grounds for challenge, or the need to verify that the scheme remains within the scope of the declaration as at the relevant time.
How Is This Legislation Structured?
The Order is extremely concise and is structured as follows:
(1) Section 1: Citation provision.
(2) Section 2: Declaration of the authorised unit trust scheme (Schroder Capital Protected Funds).
There are no Parts, schedules, definitions, or procedural provisions in the extract. The structure reflects the legislative intent: this is not a regulatory code but a formal designation instrument. The substantive regulatory framework that practitioners must consult is therefore primarily the Trustees Act (Cap. 337), with this Order serving as the specific designation for the named scheme.
Who Does This Legislation Apply To?
This Order applies to the extent that it designates “Schroder Capital Protected Funds” as an authorised unit trust scheme for the purposes of the Trustees Act. In practice, the beneficiaries of the designation are the parties who operate, administer, or act as trustees/custodians in relation to the scheme, and any persons whose rights or obligations under the Trustees Act depend on whether the relevant unit trust scheme is “authorised.”
While the Order itself does not impose detailed obligations, it forms part of the legal environment in which trustees and scheme operators must operate. Accordingly, it is relevant to:
(a) trustees or trustee-like entities involved with the scheme;
(b) scheme operators and their compliance teams, who must ensure that the scheme’s legal status aligns with the statutory requirements; and
(c) legal advisers and regulators assessing compliance with the Trustees Act framework.
It is also relevant to investors indirectly, because authorisation can affect the legal architecture governing the scheme. However, the Order is not an investor-facing disclosure instrument; it is a statutory designation that operates within the broader trust law regime.
Why Is This Legislation Important?
Even though the Trustees (Authorised Unit Trust Scheme) Order 2001 is short, it can be important in legal practice because it determines whether a particular scheme falls within a statutory category. In trust and financial regulation, categorical status often drives the application of legal duties, permissions, and interpretive rules. A declaration under section 83 can therefore have downstream effects on how the Trustees Act applies to the scheme and its trustees.
For practitioners, the Order is a useful “anchor” document when advising on compliance. When reviewing a unit trust scheme’s legal status, counsel typically must confirm whether the scheme is authorised under the relevant legislation. This Order provides that confirmation for “Schroder Capital Protected Funds.” In due diligence, transaction documentation, and ongoing compliance reviews, such authorisation status can be a critical fact.
Additionally, the Order’s status as “current version as at 27 Mar 2026” (per the extract) indicates that the designation remains in force in the consolidated legal database. Lawyers should still verify whether any amendments, revocations, or replacement orders exist in the legislation timeline, but the extract suggests that the Order continues to be the operative designation for the scheme.
Finally, the ministerial nature of the instrument highlights that authorisation is a formal legal act. If a scheme’s authorisation is challenged—whether due to factual changes, administrative oversight, or legal interpretation—this Order is the starting point for establishing the scheme’s statutory status at the relevant time.
Related Legislation
- Trustees Act (Chapter 337) — particularly section 83 (power to declare authorised unit trust schemes)
- Trustees (Authorised Unit Trust Scheme) Order 2001 — SL 50/2001 (this Order)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) Order 2001 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.