The ECJ’s Betaal Garant Decision: Good Outcome, Problematic Reasoning
On July 16th, the European Court of Justice weighed in on the critical question of what constitutes a payment service under EU Law. The ruling examined penalties imposed by the Dutch Central Bank to Betaal Garant, a firm that issues deposit guarantees in the context of construction projects without a payments license. In this brief article, I argue that the court achieved the right outcome for the case at hand, but also that its reasoning may reopen a number of previously settled questions about activity-based-regulation that create uncertainty about the scope of PSD2.
Key takeaways (for fintech firms) from the CBUAE’s new Operational Risk Management Regulation
The Central Bank of the UAE recently issued a new Operational Risk Management Regulation (C 1/2026 - issued through public Notice No. 4047-2026) that materially raises operational risk management and resilience expectations for all licensed financial institutions (the previous regulation applied only to banks). It enters into force in one month, so here are some non-AI generated takeaways (Copilot was used for a light proofread) that may be helpful for fintech firms in a rush to comply.
Any Given Sunday at Pike Place Market
A brief travel note about a Sunday at Pike Place Market, Seattle. This is my first photo series completely shot with my then new Leica M11P and the Summilux 35mm 1.4.
Los Relojes de Lafaurie
Este es mi “review” de la colección de relojes de Juan José Lafaurie, el hijo de Jose Félix Lafaurie (célebre presidente de Fedegán) y Maria Fernanda Cabal (senadora de Ultra'-derecha) a quien el próximo ministro de agricultura avaló como “pequeño productor”, elegible para ser beneficiario de un crédito blando por 400 millones y un subsidio de 95 millones para repagarlo.
Reseña:“Contra el Fanatismo”: Ensayos de Una Colombia Posible o el Reformismo Trágico de Alejandro Gaviria
Reseña critica de “Contra el Fanatismo: ensayos de una Colombia posible”, el último libro de Alejandro Gaviria.
Votar por la decencia
Tiene que decirse con claridad: Votar por Abelardo de la Espriella es indecente, es una equivocación moral.
Una Consolación para despedir a Julieta
Estas fueron las palabras para mi mamita en el día en que la despedimos.
The Spheres in Seattle
The contrast between the many shades of green and the metallic surfaces at the Spheres is quite cool.
Owner’s Review: The JLC Polaris Date with Green Dial
An owner’s review (after more than 100 days of wear) of the JLC Polaris Date with the amazing green dial. Basically: The choice for the watch guy who would prefer his timekeeper to spark conversations that have nothing to do with silly spy fiction.
Gatsbyesque Eclecticism and The Vizcaya Museum and Gardens
Villa Vizcaya is made of the kind of architectural theatricality that old money bought when it was still new money. The Gatsbyesque eclecticism that seems to be the motif of the estate and the blissful color of its gardens are great reasons to visit the Vizcaya Museum and Gardens in Miami.
Sobre Por Favor Oiga esto
Sobre la curaduría musical de Por Favor Oiga esto en Instagram.
Open Finance in the UAE - What’s new since PSD2?
The Open Finance framework of the UAE shows, as usual, that the UAE thinks very big. This piece examines the original policy goals of open banking in PSD2 and how they have evolved as they are adopted in new jurisdictions, identifying the most important innovations introduced in the UAE framework and the potential challenges ahead, drawing from the lessons learned across 9 years of PSD2 implementation in Europe.
New York City across the years
Today I finished processing the pictures of the 2024 trip to New York City. This is a selection of some the best pictures I have taken in the big apple across the years, from 2003 to that last trip now full of nostalgia in 2024.
Owner’s Review: The Nomos Tangente 38 Date Ziegelblau - 175 Years Watchmaking Glashütte
An owner’s review of the Nomos Tangente 38 Date Ziegelblau - 175 Years Watchmaking Glashütte, a watch better suited for those with a preference for small cases.
El Maicol de La Candelaria
El imitador de Michael Jackson en la candelaria es uno de los highlights de los free walking tours en el centro de Bogotá.
Vlady the Script Guy
A travel note about Vlady, the guy who sells movie scripts for about 20 dollars in the middle of Soho, NYC.
Haenyeo: The Sea Women of Jeju Island
A travel note about the Haenyeo, one more living example of the strength of Korean women.
The fine line between Online marketplaces and Payment service providers - UAE Regulation as a case study
Operators of online marketplaces tend to have identity crises in jurisdictions with recently enacted payment services regulation. They have the temptation to wish away the fact that their businesses are ultimately payment services businesses. This brief note examines recent developments in UAE financial regulation that bring further clarity about the distinction between “pure tech plays” and payment services in the UAE and outlines four different courses of action for navigating the gray area.
Sobre la hora de los lobos
Una reseña crítica sobre la hora de los lobos, la nueva novela de Mario Mendoza. Se trata de una adición desconcertantemente mala a la bibliografía de este escritor que se ha convertido en un autor de culto.
Pictures of South Korea
All the pictures of the 2024 trip to South Korea are finally processed. 142 ended up seeing the day of light out of a total of 1041. This is a selection of 35 that are probably my favorite, with some commentary.
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