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