**Outgoing CySEC Chief Reflects on Six-Year Tenure**
George Theocharides, the outgoing chairman of the Cyprus Securities and Exchange Commission (CySEC), has concluded his six-year tenure at the regulatory body following the government's recent decision to appoint new leadership. In his final remarks, Theocharides highlighted three significant changes that he believes have defined his time at CySEC, emphasizing the evolution of the organization during his leadership.
Theocharides, who initially joined CySEC as vice-chairman in July 2020 and later ascended to the role of chairman in September 2021, expressed gratitude to his colleagues and stakeholders for their support throughout his tenure. “A few days have passed since I was informed that I will no longer continue at CySEC,” he stated, reflecting on the transition. He extended his appreciation to market participants, service providers, government officials, and members of the European and international regulatory bodies, but reserved his highest praise for CySEC’s staff. He credited them with much of the regulator's progress, stating, “Most credit for the establishment of CySEC as a strong, credible and forward-thinking organisation goes to its people.”
Theocharides identified three key changes that marked his leadership. The first was the implementation of “effective and outcome-based supervision,” which aimed to enhance the regulatory framework and ensure compliance within the financial sector. The second significant change involved the “enhancement of our digital technologies and expertise,” preparing CySEC for the evolving digital market and economy. Under his chairmanship, technology played an increasingly prominent role, with improvements to CySEC’s digital infrastructure and efforts to bolster its capacity to oversee a technology-driven financial landscape.
The third change Theocharides pointed out was the establishment of Cyprus as a credible and well-regulated financial services jurisdiction. His efforts in this area contributed to enhancing the reputation of Cyprus in the international financial community.
As Theocharides steps down, George Karatzias has been appointed as the new chairman of CySEC, following the Cabinet's approval of his five-year term. Karatzias previously served as CySEC's vice-chairman from September 2021 until May 2024 before transitioning to the Central Bank of Cyprus (CBC) as an executive board member. Alongside Karatzias, Loukas Lagoudis has been appointed vice-chairman for a five-year term, and Andrea Moundi Savvides has joined the regulator’s board.
In his farewell comments, Theocharides congratulated the newly appointed leadership, stating they were taking over “an organisation that is healthy, mature and vital for the growth of the sector.” He encouraged them to build upon the achievements made during his tenure and expressed his best wishes for their success in their new roles.
Throughout his time at CySEC, Theocharides collaborated closely with various European and international supervisory bodies, including the European Securities and Markets Authority (ESMA) and the International Organisation of Securities Commissions (IOSCO). He expressed his gratitude to colleagues from these organizations, as well as to vice-chairmen, board members, government employees, MPs, market participants, and service providers for their contributions to the regulatory landscape.
As Theocharides concludes his tenure, his reflections underscore the importance of adaptability and innovation in regulatory practices, particularly in an era marked by rapid technological advancements and changing market dynamics. The transition to new leadership at CySEC marks a pivotal moment for the organization as it continues to navigate the complexities of the financial sector in Cyprus and beyond.