In July 2008, the Committee of European Securities Regulators (CESR) published for consultation a draft statement on fair value measurement and related disclosures of financial instruments in illiquid markets. In relation to measurement the statement looked at the identification of active and non-active markets and the use of valuation techniques. The statement also sets out key messages on disclosures. This included good disclosure practices being a natural counterpart to the use of judgment in measurement practices. CESR has now published the responses to the consultation.