In March 2008, the UK Treasury introduced the Regulated Covered Bonds Regulations 2008 which provide a dedicated Undertakings for Collective Investment in Transferable Securities-compliant legal framework for the UK covered bond market. To supplement the Regulations legally enforceable directions and guidance were set out in the Financial Services Authority ("FSA") Regulated Covered Bonds sourcebook. In 2010 the Treasury and FSA jointly consulted on changes to the UK’s regulatory framework for covered bonds. Following this consultation the FSA and Treasury agreed to implement six proposals which covered: (i) segregating asset types in regulated covered bond programmes; (ii) excluding securitisations from eligible assets; (iii) setting out a fixed minimum over-collateralisation requirement; (iv) introducing and setting out the role of ‘asset pool monitor’; (v) introducing standards of data disclosure relating to the asset pool; and (vi) refining regulatory reporting. On 29 November 2011, the Treasury set out final changes to the Regulations in the Regulated Covered Bonds (Amendment) Regulations 2011. The FSA has published Policy Statement 11/16: Regulated Covered Bonds: Feedback on the review of the UK Regulated Covered Bonds Regulatory Framework and Final Sourcebook Instrument (PS11/16). PS11/16 sets out certain changes to the Regulated Covered Bond sourcebook which are intended to introduce consistent standards of investor reporting, clarify the role of "asset pool monitor" and refine regulatory reporting. The changes to the Regulated Covered Bond sourcebook come into effect on 1 January 2013.