Undertakings for the Collective Investmentof Transferable Securities (UCITS) involvecollective investment funds, which areauthorized to market their units amongcountries within the European Union. Theobjective of the original UCITS directivewas to allow for open-ended funds investingin transferable securities to be subject to thesame regulation in every Member State. It washoped that once such legislative uniformitywas established throughout Europe, fundsauthorized in one Member State could be soldto the public in each Member State withoutfurther authorization, thereby furtheringthe EU's goal of a single market for fi nancialservices in Europe.