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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.
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.