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The 2005 document highlighted three issues in particular having regard to credit risk transfer (CRT) activity: (1) whether the instruments/transactions accomplish a clean risk transfer, (2) the degree to which CRT market participants understand the risks involved, and (3) whether CRT activities are leading to undue concentrations of credit risk inside or outside the regulated financial sector. Additionally, the document asks whether there is a need for enhanced reporting to supervisors and improved public disclosures by regulated institutions, as well as whether there is a need for further information on credit risks that are transferred to non-regulated institutions. The document makes 17 recommendations in relation to risk management, practices, disclosure, and supervisory approaches. The 2008 document provides an update of developments in this area from 2005 to 2007, and includes recommendations that supplement, and in some cases go beyond, the 2005 recommendations. The report was issued on 18 Mar 2005 and updated in Jul 2008.