Theocharides highlights three priorities as he leaves CySEC chairmanship

Nicosia, Cyprus. Outgoing Cyprus Securities and Exchange Commission chairman George Theocharides identified effective supervision, digital development and Cyprus’ financial-sector credibility as the three defining changes of his six years at the regulator.

He made the remarks in what he described as his final post as CySEC chairman, after being informed that he would not continue in the role following the government’s decision to appoint new leadership.

Six years at CySEC

Theocharides became CySEC vice-chairman in July 2020 and chairman in September 2021.

He thanked market participants, service providers, government officials, MPs, colleagues at European and international regulatory bodies, and those who entrusted him with leading the regulator.

He gave particular recognition to CySEC staff, saying that most credit for establishing the commission as a strong, credible and forward-thinking organisation belonged to its people. He also expressed admiration for their expertise, knowledge and work ethic.

Three changes

Theocharides said the first defining change during his tenure was “effective and outcome-based supervision”.

The second was the enhancement of CySEC’s digital technologies and expertise, as well as preparing the organisation for the digital market and economy. Technology became a more visible part of the regulator’s work during his chairmanship, including changes to its digital infrastructure and efforts to strengthen oversight of a technology-driven financial sector.

The third change was the establishment of Cyprus as a credible and well-regulated financial services jurisdiction.

New leadership

George Karatzias will return to CySEC as chairman after the Cabinet approved his appointment for a five-year term on Thursday.

Loukas Lagoudis was appointed vice-chairman for five years, while Andrea Moundi Savvides joined the regulator’s board.