(23)Due to the potentially illiquid and long-term nature of the assets of AIFs that originate loans, AIFMs might experience difficulty in complying with changes to regulatory requirements introduced during the lifecycle of the AIFs that they manage without affecting the trust and confidence of their investors. It is therefore necessary to apply transitional provisions to certain requirements for AIFs constituted before the adoption of this Directive. However, such AIFs and AIFMs should also be able to choose to be subject to those rules provided that the competent authorities of the home Member State of the AIFM are notified accordingly. In addition, the rules applicable to loan origination and to loan-originating AIFs, with the exception of leverage and investment limits and the obligation for loan-originating AIFs to operate as closed-ended, should only apply in respect of loans originated after the entry into force of this Directive.