Source: cyprus-mail.com
The Cyprus Investment Funds Association (CIFA) on Thursday released a statement thanking outgoing Cyprus Securities and Exchange Commission (CySEC) chairman George Theocharides and vice-chairman Panikkos Vakkou for their service, amidst a reshuffle of the commission’s management.
CIFA said it had appreciated the open dialogue, professionalism and constructive collaboration with CySEC during their leadership.
“CIFA extends its sincere gratitude to outgoing CySEC Chairman George Theocharides and Vice-Chairman Panikkos Vakkou for their service and dedication during their time with the Cyprus Securities and Exchange Commission,” the association said.
It said Theocharides and Vakkou had played valuable roles in developing and strengthening Cyprus’ regulatory environment during a period of growth and transformation in the financial services and investment funds sectors.
“We thank both George Theocharides and Panikkos Vakkou for their contributions to the Cyprus capital market and wish them every success in their future professional endeavours,” CIFA said.
The statement came as the government was expected to confirm a series of appointments that would see George Karatzias return to CySEC as chairman, while Vakkou is expected to move to the Central Bank of Cyprus (CBC) as an executive director.
The appointments have not yet been formally confirmed, with an official announcement expected following Thursday’s Cabinet meeting.
Karatzias is expected to succeed Theocharides, who has headed CySEC since September 2021.
Karatzias previously served as CySEC vice-chairman from September 2021 until May 2024, when he left the regulator to become an executive member of the CBC board.
Vakkou was subsequently appointed CySEC vice-chairman on May 29, 2024, after first joining the Commission’s board as a non-executive member in January of that year.
The expected reshuffle would therefore see Vakkou follow Karatzias to the CBC, while Karatzias returns to CySEC to take its top post.
Loukas Lagoudis is also expected to become CySEC vice-chairman, replacing Vakkou.
Lagoudis has been a member of the CySEC board since October 9, 2024, and has experience in investment management and financial services, including work with Credit Suisse, Standard Chartered and HSBC.
He has also worked in asset management as a risk manager and portfolio manager and has a background in blockchain technology.
Vakkou’s professional experience covers banking, credit risk, financial technology and regulatory supervision.
Before joining CySEC full-time, he was Director of Operations and Credit Risk Manager at Haogen Technologies from September 2022 to May 2024, having previously spent six years as a director at RiskMatrix, the regional partner of Moody’s Analytics.
His earlier banking career included positions at Laiki Bank, the Bank of Cyprus and the Cooperative Central Bank.
Vakkou is a CFA Charterholder and holds an MSc in Mathematical Finance and a BSc in Mathematics with Statistics from the University of Manchester.
If confirmed, Vakkou would become one of the CBC’s two full-time executive directors.
Under the CBC Law, the board comprises the Governor, Deputy Governor, two executive directors and five non-executive directors, with directors appointed by the Council of Ministers for five-year terms that may be renewed.
CySEC is similarly governed by a seven-member board comprising a chairman, vice-chairman and five non-executive members, with its chairman and vice-chairman serving on a full-time and exclusive basis.