CIFA thanks outgoing CySEC chairman and vice-chairman amid expected management reshuffle

Nicosia, Cyprus. The Cyprus Investment Funds Association (CIFA) thanked outgoing Cyprus Securities and Exchange Commission (CySEC) chairman George Theocharides and vice-chairman Panikkos Vakkou for their service amid an expected reshuffle of the commission’s management.

CIFA said it valued the open dialogue, professionalism and constructive collaboration with CySEC during their leadership.

CIFA statement

“CIFA extends its sincere gratitude to outgoing CySEC Chairman George Theocharides and Vice-Chairman Panikkos Vakkou for their service and dedication during their time with the Cyprus Securities and Exchange Commission,” the association said.

It said Theocharides and Vakkou had played valuable roles in developing and strengthening Cyprus’ regulatory environment during a period of growth and transformation in the financial services and investment funds sectors.

“We thank both George Theocharides and Panikkos Vakkou for their contributions to the Cyprus capital market and wish them every success in their future professional endeavours,” CIFA said.

Expected appointments

The statement came as the government was expected to confirm appointments that would see George Karatzias return to CySEC as chairman, while Vakkou is expected to become an executive director at the Central Bank of Cyprus (CBC).

The appointments had not been formally confirmed, with an official announcement expected following Thursday’s Cabinet meeting.

Karatzias is expected to succeed Theocharides, who has led CySEC since September 2021.

Karatzias served as CySEC vice-chairman from September 2021 until May 2024, when he left the regulator to become an executive member of the CBC board.

Vakkou was appointed CySEC vice-chairman on May 29, 2024, after joining the commission’s board as a non-executive member in January 2024.