“Dear Prisma Team,

I would like to thank You for your remarkable cooperation during the financial account cycles. Your work, involvement is invaluable from our, mine perspective.

I’m leaving at the end of the month, so I would like to say (write unfortunately) that this was a huge pleasure to meet You and work with you on ongoing projects. Wish you all the best for the future.

Once again – big thanks and Goodbye”

Prisma is a proud sponsor of the Rugby Club Luxembourg. With the rugby team, we share the same values: Teamwork, Respect, Enjoyment, Discipline and Excellence.

The Rugby Club Luxembourg (RCL), founded in 1973, is Luxembourg’s oldest and biggest rugby club. Their goal is to promote one of the greatest team sports which will teach the players (young and old) some important core values, such as respect, hard work, team spirit and honesty. And here at Prisma we are happy to support this mission.

Learn more about our Corporate Social Responsibility.

Article published on 16 September 2020 www.igniteseurope.com

Luxembourg’s finance minister has warned asset managers to brace themselves for a hard Brexit and told UK firms that they will need a physical presence in the EU if they wish to continue doing business in the single market.

Pierre Gramegna, who has been a public supporter of maintaining the EU’s links with the UK financial sector, says Prime Minister Boris Johnson’s plans to rip up parts of the Brexit deal mean an agreement between the two sides is highly unlikely.

Mr Gramegna was speaking at the Association of the Luxembourg Fund Industry’s virtual conference this week after Mr Johnson received initial backing in parliament to change aspects of the EU withdrawal agreement.

Many critics say any changes would break international law and the EU has said the agreement is a “prerequisite for the negotiations on the future partnership” between the bloc and the UK.

Mr Gramegna has previously said he hoped Luxembourg and the UK would still have a “footbridge left” after the UK formally leaves the bloc, but this is “in doubt right now”.

Whatever the UK’s motive, “the likelihood that we will have a wide comprehensive agreement for the future relationship with the [UK] is obviously not anymore likely, so in other words, you should all prepare for a situation where […] the UK becomes a third country like any other”, Mr Gramegna says.

UK firms with no presence in the EU currently will have to set up subsidiaries to continue operating in the single market after December 31, according to the minister.

“They will not be able to work remotely […] they will have to have more presence, which means setting up subsidiaries and so on,” he says.

The UK and EU have sought to secure an equivalence regime during Brexit talks to ensure that financial services firms can continue to access EU markets.

The deadline to reach an agreement was missed in June, raising fears that asset managers in the UK would have to access European markets through a diverse range of national-level rules.

It is the ‘back to school week’ for children in Luxembourg.

🚀 This said it might be a good time for all of us to think about new opportunities and fresh starts, as it is never too late to start all over again.

Every moment is a fresh beginning. Enjoy the ride!