framework to ensure its coherence and maximize its effectiveness without further significantly increasing overall capital requirements across the banking sector. We continue to closely monitor, and if necessary, address emerging risks and vulnerabilities in the financial system, including those associated with shadow banking, asset management and other market-based finance activities. We welcome the work of the Financial Stability Board (FSB) in cooperation with other standard setting bodies (SSBs) to assess holistically the extent, drivers and possible persistence of shifts in market liquidity across jurisdictions and asset classes and consider policy measures if necessary. We will also continue to enhance the monitoring of implementation and effects of reforms to ensure their consistency with our overall objectives, including by addressing any material unintended consequences. In this regard, we welcome the work by the FSB and SSBs to enhance the analysis of the effects of G20 financial regulatory reforms, including the combined effects and interaction across sectors of related reforms, and look forward to the FSB’s second annual report to the G20 on implementation and effects of regulatory reforms. We intend to reap the economic benefits of technologically enabled financial innovations while managing their potential impacts on financial stability and market integrity. We welcome the work of the G7 Cyber Experts Group in the financial area to foster cyber security and enhance cooperation among G7 countries in this area. We also welcome and support the effective implementation of the G20/OECD Principles of Corporate Governance. In particular, we look forward to the development of the assessment methodology of the Principles. Tax and Transparency Steady, consistent and concerted implementation of the G20/OECD Base Erosion and Profit Shifting (BEPS) package is critical to restore public trust in tax systems and to achieve a global level playing field for all engaged in economic activities. We remain committed to lead the process by example. To ensure widespread implementation of the BEPS package, we encourage all relevant and interested countries and jurisdictions to commit to implement the BEPS package and join the new inclusive framework, noting that the first meeting will be held in Kyoto in June. To restore public trust in tax systems by enhancing transparency of tax information, we reaffirm G20’s call on all relevant countries including all financial centers and jurisdictions to implement the standard on automatic exchange of information by committed deadline and to sign the Multilateral Convention, as well as the request to the OECD to establish the “objective criteria to identify non-cooperative jurisdictions with respect to tax transparency.” These actions, together with possible defensive measures to be considered against non-cooperative jurisdictions, will help ensure that all relevant countries and financial centers are committed to implementing the agreed standard of tax transparency. 6