Demetra Kalogerou, the current Cyprus Securities and Exchange Commission (CySEC) Chair, was reappointed to the same position for another 5-year term. As Demetra Kalogerou re-elected, will we observe some changes in the Cypriot watchdog?
Demetra Kalogerou re-elected
Demetra Kalogerou has been reappointed as a Chairwoman of CySEC for a 5 years period starting from September 15, 2016, to September 14, 2021, by the Cyprus Cabinet. Ms. Kalogerou’s current five-year period term is due next month, as it had started in September 2011.
Also, the Cyprus Cabinet has reappointed Andreas Kleanthous and Anastasia Anastasiadou as the members of the CySEC council for the period of 5 years.
Recent improvements in CySEC
CySEC structure and organization have been changed a lot since Ms. Kalogerou took the position at the Cypriot watchdog in 2011. Demetra Kalogerou has helped the financial institutions across the Cyprus by leading them through the tough times of Cyprus bank crisis and EU bailout of 2013. That time, all the Forex industry players in Cyprus were protected, with exceptions of Laiki Bank and the Bank of Cyprus.
The biggest change in CySEC came in last year when the regulator took a stricter and more active approach in both in rebooting some of the frameworks for financial institutions across the country and in punishing regulated brokers for breaches. The watchdog has been actively targeting fraudulent firms, warning the public about their suspicious activity.
Other changes by Ms. Kalogerou include linking Broker pay to volumes, deposits or customer P&L, and setting new regulatory frameworks for brokers using market maker and liquidity provider services. As Demetra Kalogerou re-elected, for the future state, Cypriot watchdog is considering one more rule for regulated brokers, which requires all customer-meeting sales and retention activities to take place in Cyprus.
AtoZForex has reached out to CySEC officials and currently is waiting for the information from the Chairman office. We will update you as soon as we will get informed.
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