Statute Details
- Title: Trustees (Authorised Unit Trusts Scheme) (No. 2) Order 1999
- Act Code: TA1967-S35-1999
- Legislation Type: Subsidiary legislation (SL)
- Enacting Authority: Minister for Law
- Authorising Act: Trustees Act (Cap. 337)
- Key Power Used: Powers under section 86 of the Trustees Act
- Citation: “Trustees (Authorised Unit Trusts Scheme) (No. 2) Order 1999”
- Making Date: 27 January 1999
- Commencement Date: Not stated in the extract (typically effective upon making unless otherwise provided)
- Current Version: Current version as at 27 Mar 2026 (per the legislation portal status)
- Core Substantive Provision: Declaration of an “authorised unit trust scheme”
- Declared Scheme: Savers World Bond Fund
What Is This Legislation About?
The Trustees (Authorised Unit Trusts Scheme) (No. 2) Order 1999 is a short piece of Singapore subsidiary legislation that performs a specific regulatory function: it designates a particular collective investment product as an “authorised unit trust scheme” for the purposes of the Trustees Act.
In plain terms, the Order answers a practical question that trustees, trust administrators, and their advisers often face: whether a given unit trust scheme may be treated as an approved or authorised investment option under the statutory framework governing trustees’ investment powers and duties. By declaring Savers World Bond Fund as an authorised unit trust scheme, the Minister for Law enables trustees to consider that fund within the legal categories relevant to the Trustees Act.
Although the Order itself contains only two operative provisions (a citation and the declaration), its legal effect can be significant. In trustee law, the ability to invest in particular instruments can affect compliance with statutory investment rules, the scope of permitted investments, and the risk profile of trust administration. This Order therefore operates as a targeted “authorisation” instrument rather than a comprehensive investment regulation.
What Are the Key Provisions?
Section 1 (Citation) provides the formal name by which the instrument may be cited. This is standard drafting: it ensures that the Order can be referenced in legal documents, correspondence, and compliance checklists.
Section 2 (Authorised unit trust scheme) is the substantive provision. It states that Savers World Bond Fund is “hereby declared as an authorised unit trust scheme for the purposes of the Act.” This declaration is the entire operative content of the Order. The phrase “for the purposes of the Act” is important: it means the authorisation is not merely descriptive; it is legally consequential within the framework of the Trustees Act.
From a practitioner’s perspective, the key interpretive point is that the authorisation is scheme-specific. The Order does not authorise “unit trust schemes” generally; it authorises a particular named fund. Accordingly, trustees should not assume that other funds managed by the same manager, or other bond funds with similar strategies, are authorised under this Order. The legal status depends on the specific declaration.
Finally, the enacting formula indicates that the Minister acts under section 86 of the Trustees Act. While the extract does not reproduce section 86, its presence signals that the Trustees Act contains a mechanism allowing the Minister to designate authorised schemes. This matters for compliance and governance: trustees should verify whether authorisations are current, whether they are subject to conditions, and whether subsequent amendments or replacement orders affect the status of the fund.
How Is This Legislation Structured?
This Order is extremely concise and consists of:
(a) Enacting formula — sets out the legal basis for the Minister’s power (section 86 of the Trustees Act) and confirms that the Minister “makes the following Order.”
(b) Section 1 (Citation) — provides the short title.
(c) Section 2 (Authorised unit trust scheme) — declares the authorised scheme (Savers World Bond Fund).
There are no schedules, no definitions section in the extract, and no procedural requirements (such as reporting, record-keeping, or ongoing compliance obligations) stated within the Order itself. The instrument is therefore best understood as a designation instrument: it confers a legal classification on a particular unit trust scheme.
Who Does This Legislation Apply To?
The Order applies to persons and entities whose investment decisions are governed by the Trustees Act and who need to determine whether a unit trust scheme qualifies as an “authorised unit trust scheme.” In practice, this typically includes trustees of trusts subject to the Act, trust companies, professional trustees, and advisers who support trustee investment decisions.
It is also relevant to compliance officers and legal counsel within financial institutions that administer trust portfolios. Even though the Order does not impose obligations directly on unit trust managers or distributors, the authorisation can influence whether trustees are willing or able to invest in the fund under the statutory investment framework.
Because the Order is scheme-specific, its practical applicability turns on whether the trust holds units in Savers World Bond Fund (and whether the holding is within the scope of the scheme as authorised). Trustees should also consider whether the fund’s name, structure, or legal identity has changed over time, and whether the authorisation remains valid in light of any subsequent legislative updates.
Why Is This Legislation Important?
Even though the Trustees (Authorised Unit Trusts Scheme) (No. 2) Order 1999 is brief, it can be important for risk management and legal compliance. Trustee investment decisions are often scrutinised under duties of care, suitability, and adherence to statutory powers. A statutory designation of an investment vehicle as “authorised” can help trustees demonstrate that they acted within the permitted investment categories under the Trustees Act.
For practitioners, the Order is also a reminder that trustee compliance is not only about general investment principles; it is also about classification. Many trustee investment regimes operate through lists or categories of permitted investments. When a fund is declared authorised, it may reduce uncertainty and support defensible decision-making, particularly where trustees must show that investments were made in accordance with statutory requirements.
In addition, the Order’s status as “current version as at 27 Mar 2026” (per the portal) indicates that the designation remains part of the operative legal landscape at least as of that date. However, because the Order is an instrument made in 1999, lawyers should still check the legislation timeline and any amendments or replacement orders to confirm that the authorisation has not been superseded. In trustee work, relying on outdated authorisations can create avoidable compliance risk.
Related Legislation
- Trustees Act (Cap. 337) — in particular, section 86 (the enabling provision for authorising unit trust schemes)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trusts Scheme) (No. 2) Order 1999 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.