Karatzias and Lagoudis sign contracts for CySEC leadership roles

Nicosia, Cyprus. Cyprus Securities and Exchange Commission chairman George Karatzias and vice chairman Loukas Lagoudis signed their contracts with Finance Minister Makis Keravnos on Tuesday, formalising their assumption of the regulator’s two senior positions.

Contracts formalise appointments

The appointments took effect last week. Karatzias and Lagoudis met Keravnos at his office to sign the contracts setting out their new duties.

“I wish Karatzias and Lagoudis every strength in their new duties, and the Finance Ministry remains at their disposal to support their work,” Keravnos said.

The Finance Ministry said the signing marked the beginning of a new period for CySEC, with its new leadership bringing the knowledge and experience needed to guide the regulator.

CySEC mandate

CySEC is the independent authority responsible for supervising Cyprus’ capital market. Its mandate includes protecting investors and maintaining confidence in the country’s financial system.

The regulator operates independently while maintaining close cooperation with the Finance Ministry in exercising its responsibilities, as provided for under the relevant legislation.

Previous appointments and experience

CySEC confirmed Karatzias’ appointment on September 15, following a Cabinet decision the previous week. The decision also appointed Lagoudis as vice chairman and Andrea Moundis Savvides as a new board member.

Karatzias served as CySEC vice chairman from September 2021 until April 2024, before joining the Central Bank of Cyprus board as an executive member in May 2024.

“Assuming the presidency of the Cyprus Securities and Exchange Commission is both a distinct honour and a significant responsibility, which I undertake with a full appreciation of the Commission’s role and mission,” Karatzias said following his appointment.

He said CySEC was at the forefront of safeguarding market transparency, integrity and the orderly functioning of financial markets, and that its role was becoming increasingly important as markets evolved and faced new challenges and opportunities.