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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.
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.
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.
Google and the DMA: Balancing deserved advantages and market contestability
On April 16th, the European Commission released for consultation a preliminary decision that would force Google to share its search data with competitors. Here is my quick take on why the debate is so consequential and why it requires striking a fine balance between preserving incentives for innovation, ensuring market contestability and sheer fairness.
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