A Maltese UCITS scheme must necessarily be set up as an open-ended and must, of course, satisfy the legal and regulatory requirements set out in the UCITS Directive.

Maltese UCITS schemes may take advantage of the UCITS brand which is recognized globally as a liquid, transparent and regulated product and are able to freely market across Europe and distribute their units cross-border by following the notification procedures set out in the UCITS Directive.

A Maltese UCITS scheme may be self-managed (if set up as a SICAV) or may appoint a UCITS European management company. The UCITS scheme must appoint a custodian to whom the assets of the scheme are entrusted for safekeeping. The custodian must have an established place of business in Malta. The UCITS scheme may appoint an administrator who need not be based in Malta, provided such appointment is approved by the MFSA.

A Maltese UCITS Scheme is required to draw up a  Prospectus and a short document (on each sub-fund) containing key information for investors, the Key Investor Information Document.

It is also possible for a PIF licensed in Malta to be converted into a Malta-based UCITS scheme. The regulatory framework sets outs a number of documents that would need to be submitted for such conversion to take place.