Beyond those strategic considerations, developing a CB program entails tactical challenges that should not be underestimated. For instance, the regulatory approval, rating and pricing of a CB issuance will be in part driven by the effectiveness of the operational and financial reporting processes around the CP of assets. The UK’s Financial Services Authority (FSA) has recently issued guidelines for issuers on the production and content of management information for regulated programs to promote transparency and enhance investor understanding. The FSA is developing guidance on AP monitoring designed to improve comparability between programs and the quality of their assets.The implementation of this guidance may be challenging and it remains to be seen whether other regulators will implement similar practices.