The financial crisis highlighted that reliable and relevant valuations and disclosures of the risks to which financial institutions are exposed are important to maintain overall market confidence. High quality risk disclosures contribute to financial stability by providing investors and other market participants with a better understanding of firms' risk exposures and risk management practices. With that in mind, in April 2008 the FSF's report on Enhancing Market and Institutional Resilience recommended that financial institutions with significant exposures to structured credit products and certain other on- and off-balance sheet risk exposures provide additional risk disclosures, and identified leading practices in this regard. The FSF also encouraged the BCBS to strengthen the Basel II Pillar 3 disclosure requirements for exposures to securitisation vehicles, sponsorship of off-balance sheet vehicles, liquidity commitments to ABCP conduits, and valuations. Moreover, the FSF recommended that investors, financial institutions and auditors should work together to develop principles and specific risk disclosures for key risks that would be most relevant to the market conditions and risk exposures at reporting dates in the future.