**Karatzias Set for CySEC Comeback as Chairman**
George Karatzias is poised to return to the Cyprus Securities and Exchange Commission (CySEC) as its new chairman, marking a significant shift in the leadership of the financial regulatory body. This anticipated appointment comes just over two years after Karatzias left CySEC to join the Central Bank of Cyprus (CBC).
According to reports published on Wednesday, Karatzias has been selected to succeed George Theocharides, who has served as chairman of the securities watchdog since September 2021. While the decision has been made, the formal announcement regarding Karatzias's return has yet to be released.
Karatzias's career has been closely intertwined with the financial regulatory landscape in Cyprus. He previously held the position of vice-chairman at CySEC from September 2021 until May 2024, when he transitioned to the CBC as an executive board member. His tenure at the CBC has been marked by his involvement in various aspects of financial oversight and regulation.
Before his public-sector roles, Karatzias led the Cyprus fund services operation for Alter Domus, a position he held from 2011 until the end of 2020. His early career included significant experience with international audit firms, beginning in 2006. In addition to his regulatory roles, Karatzias has been actively engaged in the investment funds industry in Cyprus. He was elected to the board of the Cyprus Investment Funds Association (CIFA) in 2019 and served as vice-chairman of its Fund Administrators Committee until September 2021. Furthermore, he has contributed to the Funds Committee of the Institute of Certified Public Accountants of Cyprus (ICPAC) over two terms.
Karatzias is a Fellow of the Association of Chartered Certified Accountants (ACCA) and holds a master's degree in Marketing and Financial Services from the University of Exeter, underscoring his academic credentials in the field.
In conjunction with Karatzias's expected appointment, Loukas Lagoudis is anticipated to be named as CySEC's new vice-chairman. Lagoudis has been a member of the regulator’s board since October 9, 2024, and brings a wealth of experience in investment management and financial services. His background includes roles at prominent London-based investment banks such as Credit Suisse, Standard Chartered, and HSBC, as well as experience in asset management as a risk manager and portfolio manager.
Additionally, Lagoudis has a strong interest in emerging technologies, having completed executive education in Blockchain Strategy at Oxford University. His academic qualifications include a bachelor's degree in Physics and a master's degree in Risk Management.
If confirmed, Lagoudis's appointment as vice-chairman would signify a notable change in CySEC's leadership structure, as the current vice-chairman, Vakkou, has held the position since May 29, 2024.
CySEC operates under a governance framework that includes a seven-member board, which consists of a chairman, a vice-chairman, and five non-executive members. Both the chairman and vice-chairman are required to serve on a full-time and exclusive basis. Appointments to the board are made by the Council of Ministers, based on a proposal from the Finance Minister, for five-year terms that may be renewed once.
The formal announcement regarding the new leadership at CySEC is expected to follow a Cabinet decision, paving the way for Karatzias and Lagoudis to take on their respective roles in the regulatory body. Their appointments are anticipated to bring continuity and experience to CySEC as it navigates the complexities of financial regulation in Cyprus.