The Dutch regulator and DNB as financial supervisor are a tough cookie to deal with. In essence they hyperregulate EU-rules into goldplated Dutch rules which go beyond what is prescribed in Europe.

All NL-customers at British banks may thus be kicked out on brexit.

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If we start with the capital requirements directive, it says attracting deposits is forbidden. In article 9.

https://t.co/RYl7SXligC
Now the translation of that rule into Dutch law is slightly expanded to not only prohibit attracting deposits, but to also prohibit, having those deposits under custody ('ter beschikking hebben').

That's not in EU law, but it is in our Dutch law.

https://t.co/PsbWfNY3PA
So if you wonder how this would work out for UK banks and Payment institutions servicing Dutch customers. Have a read at the technical explanation of DNB, the financial supervisor and their summarising table.

https://t.co/LL0fAnYkRJ

Passive servicing of Dutch is not allowed!
Any bank or PSP in the UK that continues to serve Dutch customers (as in retail customers, professional players are excepted) can thus be subject to fines and policing under Dutch law.

Meaning we not only have Accidental American issues in payments, but also Accidental Dutchies
The problem does not exist for other countries, as is apparent from this ECB-explanation. Passive servicing would be allowed, but customers should note that their deposit guarantuee rules may change.

https://t.co/zNyzPPE2vl
Two things change. Some payment technicalities when doing payments from/to UK. And the rules for deposit guarantuee. As EBA (not ECB, my misstake) outlines here..
So we can see that the result of our Ministry of Finance blindly upgrading and goldplating Dutch rules no request of DNB comes with a price. The price is that it limits freedom of services and constrain the local business environment and consumers.

But they seem to like that.
In the area of digital money, the central bank/financial supervisor DNB incorrectly interprets that PSP's and e-money operators cannot hold e-money (which does not qualify as e-money), while a statement in the WFT and EU-directives states otherwise.

https://t.co/WzYvLdCz3o
To make the circle round: 'Deposits' is the equivalent of 'opvorderbare gelden' in the Dutch law on financial supervision. So if UK entities were offering e-money instead of deposits, the whole accidental Dutchies problem can be solved.

What about deposit guarantuee?
Well, the UK leaving means that the deposit guarantuee is gone anyway, so the fact that it doesn't apply to e-money products doesn't mean anything for the consumer.

Bottom line is that UK entities may want to relabel their payment accounts for Dutch citizens into e-money.
Which brings us back to square 1; Goldplating Dutch regulator/supervisor bring about extra costs for private sector, without the merit of its position being sufficiently overseen/challenged or audited.

As is clear from the way in which crypto is treated

https://t.co/Ur1l72AgXo
We now even have a Christmas song, last last Christmas, dedicated to this Dutch overregulation of crypto ...

Enjoy !

‘LASTLASTXMAS2020.WAV’ on #SoundCloud

#np https://t.co/7jmBKkOe6c

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திருவாசகம் என்னும் தேன்

பொருள்:
1.எப்போது ஆரம்பித்தது என அறியப்படமுடியாத தொலை காலமாக (தொல்லை)

2. இருந்து வரும் (இரும்)


3.பிறவிப் பயணத்திலே ஆழ்த்துகின்ற (பிறவி சூழும்)

4.அறியாமையாகிய இடரை (தளை)

5.அகற்றி (நீக்கி),

6.அதன் விளைவால் சுகதுக்கமெனும் துயரங்கள் விலக (அல்லல் அறுத்து),

7.முழுநிறைவாய்த் தன்னுளே இறைவனை உணர்த்துவதே (ஆனந்த மாக்கியதே),

8.பிறந்து இறக்கும் காலவெளிகளில் (எல்லை)

9.பிணைக்காமல் (மருவா)

10.காக்கும் மெய்யறிவினைத் தருகின்ற (நெறியளிக்கும்),

11.என் தலைவனான மாணிக்க வாசகரின் (வாதவூரெங்கோன்)

12.திருவாசகம் எனும் தேன் (திருவா சகமென்னுந் தேன்)

முதல்வரி: பிறவி என்பது முன்வினை விதையால் முளைப்பதோர் பெருமரம். அந்த ‘முன்வினை’ எங்கு ஆரம்பித்தது எனச் சொல்ல இயலாது. ஆனால் ‘அறியாமை’ ஒன்றே ஆசைக்கும்,, அச்சத்துக்கும் காரணம் என்பதால், அவையே வினைகளை விளைவிப்பன என்பதால், தொடர்ந்து வரும் பிறவிகளுக்கு, ‘அறியாமையே’ காரணம்

அறியாமைக்கு ஆரம்பம் கிடையாது. நமக்கு ஒரு பொருளைப் பற்றிய அறிவு எப்போதிருந்து இல்லை? அதைச் சொல்ல முடியாது. அதனாலேதான் முதலடியில், ஆரம்பமில்லாத அஞ்ஞானத்தை பிறவிகளுக்குக் காரணமாகச் சொல்லியது. ஆனால் அறியாமை, அறிவின் எழுச்சியால், அப்போதே முடிந்து விடும்.