Cyprus Regulator Adds Former FxPro Lawyer to Board as New Chair Takes Over

The Cyprus Securities and Exchange Commission (CySEC) announced on Wednesday that Andrea Moundi Savvides has joined its board, part of a broader leadership reshuffle at the regulator that licenses FxPro's Cypriot unit. Moundi Savvides spent more than three years as a senior corporate lawyer at the CFD broker before moving to law firm Harneys.

According to her LinkedIn profile, she was at FxPro from November 2014 to May 2018. She then spent eight years at Harneys, first heading compliance for Europe and, from December 2023, serving as global director of risk and compliance, a role that ended in April 2026. CySEC's announcement carried biographies of the chairman and vice chairman but not of Moundi Savvides. She had chaired the Cyprus Compliance Association since co-founding it in April 2024, and the association said on LinkedIn that she stepped down with immediate effect following the appointment. Its two vice chairs, Antonis Hadjicostas and George Konstantinou, will share the chair's duties until the annual general meeting on 29 September.

New Chairman and Vice Chairman

George Karatzias took over as chairman on Tuesday, having been CySEC's vice chairman from September 2021 to April 2024 and subsequently an executive board member at the Central Bank of Cyprus. He said his priorities would be "effective and modern supervision" and stronger investor protection. He succeeds George Theocharides, who became chairman in September 2021 and, according to Cyprus Mail, oversaw more than 4,000 inspections during his tenure.

Loukas Lagoudis, a non-executive board member since October 2024, moves up to vice chairman, replacing Panikkos Vakkou, who took the post in May 2024 when Karatzias left for the central bank. The Council of Ministers appoints the board on the finance minister's proposal for renewable five-year terms.

The board oversees a regulator whose licensed firms serve about 3.6 million of the 10.5 million retail clients trading across EU borders. CySEC announced conflict-of-interest inspections at CFD brokers in March, and in July published a guide for employees of supervised firms listing 22 categories of breaches they can report. In a March interview with Cypriot outlet CBN, Moundi Savvides said: "Compliance today is not about stopping business." FxPro, whose Cypriot unit has held its licence since 2007, said in February that the EU accounts for less than 3% of its business.