The USA’s Securities and Exchange Commission announced on 16 November 2010 that it and the Committee of European Securities Regulators (CESR) have held high-level meetings in Paris with the chairmen of all 29 CESR members’ regulators to discuss regulatory reform activities in the United States and the EU, which focus on new and wide-ranging rules designed to address regulatory concerns arising from the recent financial crisis. These include the regulation of OTC derivatives and the oversight of credit rating agencies, the managers of hedge and private equity funds, market structure issues, systemic risk, and issues relating to the convergence of IFRS and US GAAP.