(21)To ensure legal certainty and consistency with Directive 2011/61/EU, for AIFs constituted after the date of application of this Regulation, this Regulation should apply from 16 April 2026. Compliance with this Regulation would require changes to the fund documentation and an update of the existing processes and technical infrastructure of AIFMs and AIFs to support the activation of the selected liquidity management tools. It is therefore necessary to provide for a transitional period of one year for AIFs constituted before the date of application of this Regulation, to enable those AIFs to adapt to the new regime. However, those AIFs should still have the possibility to choose to be subject to this Regulation from its date of application, i.e. from 16 April 2026.