Posts by Abecker

The Prisma Year-End-Quiz

October 30th, 2020 Posted by Prisma 1 thought on “The Prisma Year-End-Quiz”

Coming soon….

🤩 The Prisma year-end-quiz !

Great prices to be won, great charities to support, great fun answering tricky questions.

Would you like to participate? Please send an email to prisma@prisma.lu to ensure you are included in the list of recipients.

Be the CEO of your own life

October 9th, 2020 Posted by Prisma 0 thoughts on “Be the CEO of your own life”

The secret of life is to own it !

The good and the bad, the positive and the negative.

Taking responsibility for ones action and just owning it! 💪

BE THE CEO OF YOUR LIFE - Prisma business advice on our office motivation board.

Prisma RCL Halloween Rugby Camp 2020

October 8th, 2020 Posted by Prisma 0 thoughts on “Prisma RCL Halloween Rugby Camp 2020”

🦇 Registration is now open for the Prisma RCL Halloween Rugby Camp from the 2nd to 6th of November.

It is open to U8s to U14s for experienced Rugby players but as normal also to beginners to Rugby from refugees centers and Caritas foyers.

🏉 Head coach is Luxembourg International and one of the nicest and most respected player/coaches in Luxembourg/Swiss Rugby Yared Katema.

Prisma is proud to support Rugby Club Luxembourg and its mission. Learn more about our Corporate Social Responsibility.

Prisma Halloween Rugby Camp 2020

Client Feedback – September 2020

September 30th, 2020 Posted by Prisma 0 thoughts on “Client Feedback – September 2020”

“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”

Thank you for everything

Prisma – Sponsor of Rugby Club Luxembourg

September 25th, 2020 Posted by Prisma 0 thoughts on “Prisma – Sponsor of Rugby Club Luxembourg”

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.

The Rugby Club Luxembourg Seniors

‘Prepare for no-deal Brexit,’ Lux finance minister tells asset managers

September 22nd, 2020 Posted by Business 0 thoughts on “‘Prepare for no-deal Brexit,’ Lux finance minister tells asset managers”

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.

Trust The Timing

September 18th, 2020 Posted by Prisma 0 thoughts on “Trust The Timing”

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!

Trust the timing of your life

Working from Home

August 5th, 2020 Posted by Prisma 0 thoughts on “Working from Home”

Do you find it difficult to work from home? Are you used to it by now?

Do you see working from home as a skill, just like writing, designing or programming? I.e. something that we will all get good at eventually.

At Prisma we feel that there are more distractions at home. This said, the uninviting and challenging tasks which we face daily can occur both in and out of the office. So we just start each day with a team huddle and spending a few minutes prioritizing: What am I planning to do today? What challenges stand in my way? And motivation normally follows.

Luxembourg warns UK’s Brexit stance jeopoardises City’s market access

July 7th, 2020 Posted by Business 0 thoughts on “Luxembourg warns UK’s Brexit stance jeopoardises City’s market access”

Article published on 7 July 2020 www.igniteseurope.com

Luxembourg’s finance minister has warned that the UK’s plans to diverge from EU regulations for the financial services industry are threatening the country’s future access to the EU market post-Brexit, the Financial Times reports.

Pierre Gramegna, who has spoken out in favour of preserving the EU’s close links with the UK’s financial services industry, tells the publication that the UK government’s expectations of enhanced equivalence are “in contradiction” with its demand for sovereignty in terms of financial services rules.

Mr Gramegna says in the Financial Times interview that Luxembourg wants to “make sure that we still have a footbridge left” even if the links between the UK and the EU become looser, saying it “would be in the interest of both sides”.

He warns, however, that this “can only be achieved if both sides have the will to do so”.

Mr Gramegna believes the UK’s objectives are hard to reconcile, according to the Financial Times.

“The UK at the same time says ‘as soon as we will be out we will be 100 per cent sovereign again and be able to choose what we do with our own regulation’,” he tells the publication.

“That sounds to me in contradiction with the idea of having an enhanced equivalence. You cannot defend the two things in parallel.”

The EU and the UK last month missed a deadline to conclude equivalence assessments, with both sides blaming each other for failing to complete the assessments.

Michel Barnier, the European Commission’s chief Brexit negotiator, said in a speech last week that the UK had only completed four out of 28 questionnaires relating to areas of financial regulation where equivalence can be granted.

Mr Barnier noted the UK is demanding regulatory divergence from the EU while “trying to keep as many single market benefits as it can” to “make it easy to continue to run EU businesses from London, with minimal operations and staff on the continent”.

The Financial Times says Mr Gramegna’s warning shows that even sympathetic governments have lowered their expectations for their future relationships with the UK because of the UK government’s negotiating position.

The Grand Duchy has been at the forefront of EU governments demanding that the bloc adopt a pragmatic attitude towards market access for financial services.

Luxembourg is Europe’s largest investment fund domicile, with locally-registered funds being sold in over 70 countries globally and managing nearly €4.5 trillion in assets.

Lux eases market access for non-EU funds

July 6th, 2020 Posted by Business 0 thoughts on “Lux eases market access for non-EU funds”

Article published on 6 July 2020 www.igniteseurope.com

Non-EU fund managers will be able to service professional investors in Luxembourg without requiring a licence under new regulations that could be a boon for UK firms after Brexit.

The Commission de Surveillance du Secteur Financier recently passed two measures to ease access for third-country funds to investors in Luxembourg.

The CSSF says authorised portfolio managers and investment advisers from countries including the US, Switzerland, Japan, Canada, Hong Kong and Singapore can passport their services to Luxembourg without requiring a presence in the Grand Duchy, provided their clients are defined as professional investors under Mifid II.

This could include investment services such as managed accounts, funds of funds, private banks and family offices.

The CSSF says firms from these jurisdictions will only be required to obtain a licence if the firm already has a Luxembourg branch, is servicing retail investors or the Grand Duchy is the principal location where the firm’s principal business activities related to Luxembourg clients is taking place.

Benoit Kelecom, Luxembourg-based counsel at law firm Van Campen Liem, says it is likely that this principal business location “will generally be deemed to be located where the portfolio management or advisory teams are”.

Mr Kelecom says that with portfolio management teams at non-EU firms unlikely to be located in the Grand Duchy, third-country funds will not be deemed to be rendering services in Luxembourg and so will not require a licence.

“This is rather good news for UK asset managers in the context of the continuation of their services post Brexit,” he says.

Augustin de Longeaux, partner at Simmons & Simmons, adds that the new circular puts forward “a very relaxed and flexible regime” for third-country firms.

“Firms are still able to access the Luxembourg market without needing to register. It is only a sub-set of the market but it is a large and important one,” he says.

Mr de Longeaux says that while it is very likely that the UK will be added to the CSSF’s list of equivalent financial regimes after Brexit, an acrimonious end to the UK’s negotiations with the EU would threaten that status.

“If the EU deemed the UK as not equivalent, it would be very difficult for Luxembourg not to follow suit,” he says.

Mr de Longeaux adds that the circular is “a useful clarification” as to which jurisdictions the CSSF recognises as equivalent to its own regime.

“Before applications were decided case by case, now we have clarification that you can still access professional clients on a ‘reach-in’ basis,” he says.

Delegation arrangements for Ucits and alternative investment funds distributed to investors in Luxembourg will continue to be subject to the measures in Ucits and the Alternative Investment Fund Managers Directive.

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