The European Central Bank (“ECB”) has published its opinion concerning the European Commission’s legislative proposals for the Capital Requirements Directive IV. The opinion starts with general observations covering the objectives of the proposals, reform of EU banking legislation, the single EU rulebook in the financial sector and the ECB’s advisory role regarding draft delegated and implementing acts. The opinion then sets out ECB specific observations on a number of issues including those relating to: (i) macro-prudential supervision and scope for stricter rules; (ii) own funds; (iii) capital buffers; (iv) liquidity; (v) leverage; (vi) supervisory reporting; and (vii) enhancement of information sharing arrangements