Changes expected in CySEC leadership in Cyprus
Cyprus is expecting personnel changes at the Cyprus Securities and Exchange Commission (CySEC): George Karatzias may once again become its chairman, while Vice Chairman Panikkos Vakkou may move to the Central Bank of Cyprus as an executive director. This was reported by Cyprus Mail. The appointments have not yet been officially confirmed; an announcement was expected after the government meeting on Thursday.
The Cyprus Investment Funds Association (CIFA) thanked CySEC Chairman George Theoharides and Vice Chairman Panikkos Vakkou for their work. The association said it valued the open dialogue, professionalism and constructive cooperation with the regulator during their leadership. CIFA also noted their contribution to the development and strengthening of Cyprus’s regulatory environment during a period of growth and transformation in the financial services and investment funds sectors.
Possible appointments
George Theoharides has headed CySEC since September 2021. In September of the same year, George Karatzias became the commission’s vice chairman and held the position until May 2024. He then left the regulator and became an executive member of the board of the Central Bank of Cyprus.
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Panikkos Vakkou was appointed CySEC vice chairman on May 29, 2024. Before that, in January 2024, he joined the commission’s board as a non-executive member. If the appointments are officially confirmed, Vakkou will become one of the two full-time executive directors of the Central Bank of Cyprus.
Candidate for vice chairman
Lucas Lagoudis is expected to take up the position of CySEC vice chairman, replacing Vakkou. He has been a member of the regulator’s board since October 9, 2024, and has experience in investment management and financial services, including work at Credit Suisse, Standard Chartered and HSBC. Lagoudis has also worked as a risk manager and portfolio manager in asset management and has experience in blockchain technologies.
Under the Central Bank of Cyprus Law, its board consists of the governor, deputy governor, two executive directors and five non-executive directors. Board members are appointed by the Council of Ministers for a five-year term, with the possibility of renewal. CySEC’s board has seven members: a chairman, vice chairman and five non-executive members; the chairman and vice chairman serve on a full-time and exclusive basis.
