CySEC appoints new Chair and Vice Chair in first leadership change in a decade

Karthik Subramanian

CySEC has appointed Dr. George Theocharides as the new Chair and George Karatzias as the new Vice-Chair following a decision by the Council of Ministers.

cyprus

Dr. George replaces the incumbent Ms. Demetra Kalogerou who has been the Chair since 2011. Dr. George was appointed as the Vice-Chair in July 2020 in an arrangement where he agreed to take up the position for 14 months before he got promoted as the Chair. So, the elevation of Dr. George was only a matter of formality and something that was decided a year back.

Dr. George said, “I am honored to lead CySEC at such a challenging and exciting time for the industry, and I would like to thank the President of the Republic and the Council of Ministers for putting their trust in me. My goal is to ensure that CySEC continues to act as a protective shield for investors, and also leads the way for the sector’s healthy growth. Financial technologies are developing at a rapid pace and I will work towards preserving the high standards set by CySEC over previous years, while also ensuring it can be flexible and effective in facing the challenges that lie ahead.

“I also look forward to building on the constructive cooperation that has been achieved with my counterparts from other supervisory authorities abroad, ensuring that Cyprus can contribute positively to the expansion and strengthening of regulatory practices and procedures across Europe and beyond.”

Before becoming the Vice-Chair, he was a board member of the CySEC. He has extensive experience in the financial sector has been an Associate Professor of Finance at the Cyprus International Institute of Management and Director of the MSc in its Financial Services Programme between September 2010 and July 2020. He had also worked as an International Faculty Fellow at the Sloan School of Management of MIT.

Cyprus is considered as a gateway to the European financial services market and so many financial companies set up shop there and also get regulated in the country and hence it is one of the most sought after destinations for such companies. This places a lot of pressure on CySEC to keep abreast of the developments and innovations in the industry so that it would be able to maintain control over these entities and regulate them. Dr. George would be expected to shoulder the responsibility and the challenge now.

Read this next

Digital Assets

Point72 invests $77.5 million in Bitcoin, Morgan Stanley holds $269.9 million

Point72, the $34 billion hedge fund owned by billionaire and New York Mets owner Steven Cohen, held $77.5 million in the Fidelity Wise Origin Bitcoin Fund (FBTC) at the end of the first quarter, according to a recent filing.

Digital Assets

Binance claims Nigerian officials sought $150 million bribe

A Nigerian court has ruled that Tigran Gambaryan, a Binance executive detained on charges of tax evasion and money laundering, can stand trial on behalf of the world’s largest cryptocurrency exchange.

Digital Assets

Kraken reviews Tether listing in Europe ahead of MiCA adoption

Cryptocurrency exchange Kraken is “actively reviewing” whether to delist the stablecoin Tether (USDT) from its European platform, according to a report by Bloomberg.

blockdag

Discover How MoonBag Coin Presale Stacks Up Against Dogecoin & Litecoin

Discover how the MoonBag Coin presale compares to Dogecoin and Litecoin, with unique features, a robust presale structure, and new opportunities in 2024.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary: Federal Reserve Policy, USD, May 17 ,2024

Overall, both the Federal Reserve’s policy and the US dollar’s outlook are shrouded in some degree of uncertainty.

Market News, Tech and Fundamental, Technical Analysis

Ethereum Technical Analysis Report 17 May, 2024

Ethereum cryptocurrency can be expected to rise further toward the next resistance level 3200.00, which is the top of the previous impulse wave i.

Digital Assets

Hong Kong adopts digital yuan payments through Chinese banks

Hong Kong has launched a pilot program enabling digital yuan payments through major Chinese banks, marking the first instance of China’s digital currency project being deployed outside the mainland.

Retail FX

Saxo Bank increases client assets five-fold to $116 billion

Copenhagen-based broker Saxo Bank has achieved a major milestone, surpassing $116 billion (DKK 800 billion) in client assets.

Inside View

ISDA says US Basel III “endgame” to heighten market risk capital

ISDA further explained that, by requiring banks to hold additional capital that is misaligned with levels of risk, the proposal would significantly reduce capital market access for US end users and businesses, restrict the ability of businesses to hedge exposures to changes in commodity prices, and increase the cost of everyday consumer goods, including food and gasoline.

<