Malta caters for the general investor portfolio through the provision of Retail Funds. Retail Funds may be set up as UCITS (Undertakings for Collective Investment Schemes) or non-UCITS schemes. Retail funds are offered to the general public and therefore they are subject to stricter regulation and oversight. Since 2011, Malta has adopted the UCITS IV Directive. UCITS are European retail funds which may be domiciled in one EU member state but operate throughout the EU. Non-UCITS are offered to the Maltese market only.