(9)In line with the guidance of the International Organization of Securities Commissions for liquidity risk management of open-ended funds, and to ensure that the existing or remaining investors in an AIF are not adversely affected by the liquidity costs caused by subscriptions and redemptions, anti-dilution liquidity management tools, namely redemption fees, swing pricing, dual pricing and anti-dilution levies, should impose on subscribing and redeeming investors the estimated cost of liquidity. Liquidity costs are comprised of explicit and implicit transaction costs of subscriptions or redemptions, including any significant market impact. An AIFM that activates an anti-dilution liquidity management tool should take into account the estimated explicit transaction costs. Where appropriate to the investment strategy of the AIF, the AIFM should also take into account the implicit transaction costs, including any significant market impact of asset purchases or sales to fulfil redemption orders. To account for the diversity of underlying assets of AIFs, where information for the calculation of implicit transaction costs, including significant market impact, are not available or reliable, those transaction costs should be estimated on a best effort basis.