**CIFA Thanks Outgoing CySEC Leaders as Reshuffle Approaches**
The Cyprus Investment Funds Association (CIFA) expressed its gratitude on Thursday to George Theocharides and Panikkos Vakkou, the outgoing chairman and vice-chairman of the Cyprus Securities and Exchange Commission (CySEC), respectively. This acknowledgment comes amid anticipated changes in the leadership of the commission.
In a statement, CIFA highlighted the importance of the open dialogue and professionalism that characterized its collaboration with CySEC under the leadership of Theocharides and Vakkou. "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 noted. The organization recognized their contributions to the development and enhancement of Cyprus' regulatory framework during a significant period of growth and transformation within the financial services and investment funds sectors.
CIFA's statement also conveyed best wishes for the future endeavors of both leaders. "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 endeavors," the association added.
The acknowledgment from CIFA coincides with a reshuffle in CySEC's management, which is expected to be confirmed following a Cabinet meeting. Reports indicate that George Karatzias is poised to return to CySEC as chairman, succeeding Theocharides, who has led the commission since September 2021. Karatzias previously served as CySEC's vice-chairman from September 2021 until May 2024, before transitioning to an executive role on the board of the Central Bank of Cyprus (CBC).
Panikkos Vakkou, who became CySEC vice-chairman on May 29, 2024, is anticipated to move to the CBC as an executive director. Vakkou's professional background includes significant experience in banking, credit risk, and regulatory supervision. Before his full-time role at CySEC, he served as Director of Operations and Credit Risk Manager at Haogen Technologies and held director positions at RiskMatrix, a regional partner of Moody's Analytics. He is a CFA Charterholder and has advanced degrees in Mathematical Finance and Mathematics with Statistics from the University of Manchester.
The expected reshuffle will also see Loukas Lagoudis appointed as CySEC's new vice-chairman, taking over Vakkou's position. Lagoudis has been a member of the CySEC board since October 9, 2024, and brings a wealth of experience in investment management and financial services, having worked with notable institutions such as Credit Suisse, Standard Chartered, and HSBC. His background includes roles as a risk manager and portfolio manager, along with expertise in blockchain technology.
If confirmed, Vakkou will join the CBC as one of its two full-time executive directors. The CBC board is composed of the Governor, Deputy Governor, two executive directors, and five non-executive directors, with appointments made by the Council of Ministers for renewable five-year terms. Similarly, CySEC operates under a seven-member board structure, which includes a chairman, vice-chairman, and five non-executive members, with the chairman and vice-chairman serving on a full-time basis.
As the reshuffle looms, the financial services community in Cyprus is poised for a transition that may influence the regulatory landscape in the coming years. The leadership changes at CySEC and the CBC are expected to play a significant role in shaping the future of the capital markets in Cyprus.