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What is the main legal difference between a UCITS and an AIF?

What is the main legal difference between a UCITS and an AIF?

UCITS are subject to the UCITS Directive, while AIFs are subject to the AIFM Directive.
UCITS have a single legal structure, while AIFs can take several forms.
UCITS are only marketed at the national level, while AIFs are European.
UCITS are managed by management companies, while AIFs are managed by banks.