UCITS (Undertakings for Collective Investment in Transferable Securities) are recognised globally as a liquid, transparent and regulated product and operate independently throughout the EU on the basis of a single authorisation from one member state. A Maltese scheme that takes advantage of the UCITS brand must satisfy the legal and regulatory requirements set out in the UCITS Directive. UCITS are freely marketed across Europe and their units distributed cross-border by following the notification procedure set out in the UCITS Directive. UCITS offer a high degree of investor protection and can be marketed to both retail and institutional investors. Maltese UCITS schemes are popular due to their flexibility and the tax efficient features that they offer.