Cyprus News Agency is reporting that the Cyprus Cabinet has reappointed Demetra Kalogerou to the post of Chairwoman of the Cyprus Securities and Exchange Commission (CySEC) for a period of five years, from September 15, 2016 to September 14, 2021.
Kalogeru’s current five year term, begun in 2011, expires next month.
The Cabinet also reappointed Anastasia Anastasiadou and Andreas Kleanthous as members of the Council of the CySEC, also for a five year term.
CySEC has undergone significant change and growth since Kalogerou took the helm at the Cypriot financial regulator five years ago. She helped steer the country’s financial institutions through the Cyprus bank crisis and EU bailout of 2013, which saw all the nation’s Forex brokers emerge relatively unscathed, despite the effective bankruptcy of Cyprus’ two largest banks, Bank of Cyprus and Laiki Bank.
Most noticeably within the past year, CySEC has taken a tougher stand and has been more proactive – both in terms of fining licensed brokers for misdeeds, and in resetting some of the rules for financial institutions operating from the small island country.
A few of the changes made under Kalogerou’s watch recently have been regarding linking Broker pay to volumes, deposits or client P&L, and setting new rules for brokers using market maker and liquidity provider services. Another rule being considered by CySEC is requiring all customer-facing sales and retention activities for licensed brokers to occur in Cyprus.