Outgoing Cyprus Securities and Exchange Commission (CySEC) chairman George Theocharides has singled out three changes which he believes defined his six years at the regulator, as he signed off following the government’s decision to appoint new leadership.

In what he described as his final post as CySEC chairman, Theocharides said a few days had passed since he was informed that he would not continue at the regulator, bringing to a close a period which began when he became vice-chairman in July 2020 and later chairman in September 2021.

“A few days have passed since I was informed that I will no longer continue at CySEC,” he said, before thanking those he worked with over the past six years, from market participants and service providers to government officials, MPs and colleagues at European and international regulatory bodies.

His strongest acknowledgement, however, was reserved for CySEC’s staff, whom he credited with much of the regulator’s development during that period, saying that “most credit for the establishment of CySEC as a strong, credible and forward-thinking organisation goes to its people”.

Theocharides added that he had “a huge level of admiration for their expertise, knowledge and work ethic”, while also thanking those who had originally entrusted him with leading the regulator.

Looking back at his time at CySEC, Theocharides identified three changes which, in his view, defined his tenure.

The first was “effective and outcome-based supervision”, while the second centred on the “enhancement of our digital technologies and expertise and preparation of the organisation for the digital market and economy”.

Technology became an increasingly visible part of CySEC’s work during his chairmanship, including changes to the regulator’s own digital infrastructure and efforts to strengthen its capacity to supervise an increasingly technology-driven financial sector.

The third change, according to Theocharides, was the “establishment of Cyprus as a credible and well regulated financial services jurisdiction”.

His departure comes as George Karatzias returns to CySEC as chairman, after the Cabinet approved his appointment for a five-year term on Thursday. Loukas Lagoudis was appointed vice-chairman, also for five years, while Andrea Moundi Savvides joined the regulator’s board.

Karatzias previously served as CySEC vice-chairman from September 2021 until May 2024 before moving to the Central Bank of Cyprus (CBC), where he became an executive member of its board.

Theocharides also congratulated Karatzias and Lagoudis on their appointments, saying they were taking over “an organisation that is healthy, mature and vital for the growth of the sector”.

He added that the new leadership “should build on what has been achieved thus far”, while wishing both officials success in their new roles.

During his time at the regulator, Theocharides also worked closely with European and international supervisory bodies, including the European Securities and Markets Authority (ESMA) and the International Organisation of Securities Commissions (IOSCO).

He specifically thanked colleagues from both organisations, alongside vice-chairmen and board members, government employees and officials, MPs, market participants and service providers.