(UPDATE: On August 8th, 2011, the Panamanian Securities Commission resolved that the "reorganization process for Thales Securities was successfully completed and returned the administration and control of the company back to its shareholders and directors”.)

At the end of 2008, Thales Securities won 1st place in transaction volume out of 44 brokerage firms in Panama.

The order of the National Securities Commission (CNV) states:

That article 229 of Decree Law No. 1 of July 8, 1999 declares: The Commission may order the reorganization of a registered institution without pre-ordering his intervention when deemed necessary to better defend the interests of investors, and the solvency and continuity of the registered institution.

More on this topic

Balboa Bank Lacks Funds to Pay Debts

October 2016

In Panama investors to whom the company owes $4.8 million in debt bonds will have to wait for the bank to be sold before recouping their investment.

Balboa Bank and Balboa Securities, which are under intervention of the Superintendency of Securities Market since they were included in the Clinton list, do not have sufficient funds to honor the $4.8 million owed in respect of securities. 

Panama: Balboa Securities to be "Reorganized"

July 2016

The stock market authorities have ordered the reorganization of the brokerage firm, after it was included in the US Treasury Department's Clinton List.

Days after the Superintendency of Banks ordered the reorganization of Balboa Bank, the stock market regulator issued a resolution to do the same with the brokerage firm.

Panamanian Stock Brokers Investigated

October 2012

An order has been given for the "reorganization" of Financial Pacific for offering fixed-term investments without being authorized to do so, and for differences between customer accounts and bank balances.

A statement from the Superintendency of Securities in Panama reads:

Reorganization of Thales Securities Successfully Completed

August 2011

The National Securities Commission of Panama has decided to return the management and control of the brokerage firm to its shareholders, as this will facilitate the institution’s return to operations efficiently and safely.

In its resolution, the commission describes the reorganization of Thales Securities as ‘satisfactory’.