Tag: George Theocharides

The Cyprus Securities and Exchange Commission (CySEC) recently issued a reminder to Cyprus Investment Firms (CIFs) board members about their duties and the importance of adhering to all regulatory guidelines. This comes in light of recent reviews that revealed certain compliance shortcomings. As of 2023, CySEC oversees 250 Investment Firms. Among these, 159 firms cater to forex products for retail investors, while 90 firms focus on traditional products.

In September 2021, CySEC wanted to see off Demetra Kalogerou with an expensive party, CyprusMail reported. The farewell party was to cost the Cypriot taxpayer €10,000. However, the Auditor General’s office raised the red flag over a farewell do for a public official that would have cost the taxpayer that much money. Now Demetra and the CySEC team have said goodbye at a private New Year's Eve party as she posted on her LinkedIn page.

FXVC is operated by Finteractive Ltd (previously Centralspot Trading Ltd), a broker regulated by CySEC with the approved domain www.fxcv.com/eu under the license 238/14. Its offshore entity Gstaad Brokers Ltd, regulated by the FSA in Seychelles, operates on www.fxvc.com/int and illegally solicits EU residents, onboarding them

We have already reported about the replacement of Demetra Kalogerou as Chairwoman of CySEC. Since today it is also officially on the CySEC website - George Theocharides is the new Chairman of CySEC. The transition from Kalogerou to Theocharideshad been planned for some time. He has already served as the regulator's Vice Chairman since July 2020. Previously, he served as a member of the Interim Board of Bank of Cyprus and as Chairman of the Cyprus Blockchain Technologies Ltd. It seems that Theocharides has broad experience in finance.

Long-term CySEC Chairwoman Demetra Kalogerou already vanished from the regulator's website. George Theocharides, the current Vice-Chairman, is expected to succeed Demetra Kalogerou as Chairman. Theocharides’ appointment was arranged already a year ago. He agreed to serve first as a Vice-Chairman for 14 months alongside Kalogerou, whose term ends on September 14 after serving two terms. Demetra Kalogerou was appointed in 2011. Theocharides, 49, will become the second academic to take the helm at CySEC. The first was Marios Clerides, Financial Mirror reports.