Cyprus Securities and Exchange Commission (CySEC) chairman George Karatzias and vice chairman Loukas Lagoudis signed their contracts with Finance Minister Makis Keravnos on Tuesday, formally confirming their assumption of the two senior positions at the regulator.

The appointments officially took effect last week, with Karatzias and Lagoudis meeting Keravnos at his office to sign the contracts formalising their new duties.

“I wish Karatzias and Lagoudis every strength in their new duties, and the Finance Ministry remains at their disposal to support their work,” Keravnos said.

The ministry said the signing marked the beginning of a new period for CySEC, with its new leadership bringing the knowledge and experience required to guide the regulator.

CySEC is the independent authority responsible for supervising Cyprus’ capital market, with a mandate to protect investors and maintain confidence in the country’s financial system.

The regulator operates independently while maintaining close cooperation with the Finance Ministry in exercising its responsibilities, as provided for under the relevant legislation.

Karatzias’ appointment was confirmed by CySEC on September 15 following a Cabinet decision the previous week, alongside the appointment of Lagoudis as vice chairman and Andrea Moundis Savvides as a new board member.

Karatzias previously served as CySEC vice chairman from September 2021 until April 2024 before joining the Central Bank of Cyprus (CBC) board as an executive member in May 2024.

“Assuming the presidency of the Cyprus Securities and Exchange Commission is both a distinct honour and a significant responsibility, which I undertake with a full appreciation of the Commission’s role and mission,” Karatzias said following his appointment.

He said CySEC was at the forefront of safeguarding market transparency, integrity and the orderly functioning of financial markets, adding that its role was becoming increasingly important as markets evolved and faced new challenges and opportunities.

“Our priorities will be to ensure effective and modern supervision, strengthen investor protection, and promote a framework that fosters transparency, innovation, and the sustainable development of the capital market,” Karatzias said.

He also pledged to work with Lagoudis, the board and CySEC staff to strengthen the institution and protect the credibility of the Cypriot capital market.

Lagoudis had served as a non-executive CySEC board member since October 2024 before becoming vice chairman on September 15.

His career includes senior roles in banking and blockchain advisory, as well as portfolio and investment management positions covering venture capital, biotechnology and fintech.

He previously held senior positions in financial research, portfolio management and risk management at international financial institutions in London, including Argo Capital, Standard Chartered, Credit Suisse, GAM, Millennium Global Investments and HSBC Asset Management.

Lagoudis holds an MSc in Risk Management from Southampton University and a BSc in Physics from Aristotle University of Thessaloniki, and completed the University of Oxford’s Saïd Business School Blockchain Strategy Programme in 2018.

Karatzias previously led the investment funds sector at Alter Domus Cyprus from 2011 until the end of 2020 and earlier worked for international audit firms after beginning his career in 2006.

He also served two terms as a board member and vice chairman of the Fund Administrators Committee of the Cyprus Investment Funds Association (CIFA) and was a member of the Investment Funds Committee of the Institute of Certified Public Accountants of Cyprus (ICPAC).

Karatzias is a Fellow of ACCA and holds a master’s degree in Marketing and Financial Services from the University of Exeter.