JOB TITLE: DIRECTOR, SECURITIES LICENSING OFFICE, BANKING AND SECURITIES

JOB CODE: 04840

DEFINITION: This is highly responsible professional and managerial work in directing the comprehensive statewide securities licensing functions for the Department of Banking and Securities.

The employee in this job supervises the review and analysis of applications for securities agents, broker-dealer firms, investment advisers, and investment adviser representatives seeking to be licensed to conduct securities business in Pennsylvania under the commonwealth securities laws and regulations. The employee exercises authority as delegated by the Department of Banking and Securities to order licensing applications effective; to waive broker-dealer and agent examination and qualification requirements; to order effective applications for withdrawal from registration; and to withdraw or terminate agency licensing proceedings. Work includes coordinating reviews of applications and the preparation of notifications and correspondence to applicants concerning deficiencies and filing requirements; developing and recommending legislative policy, regulations, and other initiatives as applicable to the security licensing functions; developing and recommending programs to administer new policies and procedures; interpreting and enforcing state laws and regulations pertaining to the operation of licensed security entities; and interacting with private and public organizations, state and federal government officials, attorneys, and licensees to interpret, clarify, and promote public awareness of pertinent issues. Supervision is exercised over professional and administrative staff. Work is performed independently and is reviewed by the Deputy Secretary, through reports, conferences, and an evaluation of program effectiveness.

EXAMPLES OF WORK: (NOTE: The examples of work are representative of the work, but every position classified to this job may not perform all examples of work listed. Conversely, this is not an all-inclusive list of work examples.):

• Plans, coordinates, and manages the statewide licensing functions for receipt, review, processing, and recording of applications and registrations of broker-dealer, investment advisor, securities agent, and investment adviser representatives.

• Examines and analyzes problematic applications from broker-dealers, investment advisors, securities agents, and investment adviser representatives to determine eligibility for registration under the Pennsylvania Securities Act and related laws and regulations.

• Directs the preparation of notifications to applicants or their representatives regarding deficiencies and filing requirements for registration.

• Directs the work of staff involved in processing applications, renewals, transfers, amendments, and receipt of fees, and related activities.

• Exercises various legal powers delegated by the Department relating to the licensing authority of the agency.

• Oversees post-registration reporting requirements and supervises the review of field documents from examinations of registrant offices for compliance with regulations, laws, and continued eligibility for registration.

• Monitors the financial condition of all broker-dealer and investment adviser registrants for compliance with net capital regulations.

• Develops and oversees implementation of a web-based system and the maintenance of existing systems for processing registrations, renewals, and transfers.

• Confers with the Office of General Counsel and Director of the Bureau of Securities Compliance and Examinations concerning complaints indicating possible misconduct and recommends action by the department.

• Develops and implements policies, procedures, forms, and data systems to permit efficient functioning of the Securities Licensing Office.

• Monitors the status of registrants with respect to disciplinary actions initiated by other regulatory organizations.

• Evaluates whether the activities leading to administrative action constitute violations of the Pennsylvania Securities Act.

• Serves as a liaison to other securities regulatory agencies and self-regulatory organizations (both Federal and State) regarding securities licensing activities.

• Meets with applicants and representatives to discuss issues and concerns relating to securities licensing matters.

• Performs the full range of supervisory duties.

• The employee in this job may participate in the performance of subordinates' work consistent with operational or organizational requirements.

• Performs related work as required.

ENTRY LEVEL KNOWLEDGES, SKILLS, AND ABILITIES:

• Knowledge of the Federal Securities law, the Pennsylvania Securities Act and all applicable regulations.

• Knowledge of the procedures, practices, and records employed in the operation of agents, broker-dealers, investment advisers, investment adviser representatives, and securities industry firms.

• Knowledge of securities auditing and accounting principles and practices.

• Knowledge of the regulatory responsibilities and inter-relationship of the Securities and Exchange Commission, the Pennsylvania Department of Banking and Securities, all Exchanges, and other self-regulatory organizations.

• Knowledge of the use and functionality of Microsoft Office Suite software.

• Ability to evaluate business plans, financial statements, and related documents submitted by applicants seeking licensure.

• Ability to communicate effectively in writing.

• Ability to communicate effectively orally.

• Ability to establish and maintain effective working relationships.

FULL PERFORMANCE KNOWLEDGES, SKILLS, AND ABILITIES: (NOTE: These are expected of an employee performing the work of this job at the full performance level. These may not be used for merit system evaluation or examination purposes and are not position-specific performance standards.):

• Ability to detect changing trends in the securities markets through application reviews, examination reports, investigations, and consumer calls or inquiries.

• Ability to develop, interpret, and implement policies and procedures for the Securities Licensing Office.

• Ability to plan, assign, evaluate, and direct the work of staff.

MINIMUM EXPERIENCE AND TRAINING: (NOTE: Based on the Entry Level Knowledges, Skills, and Abilities):

• Two years of experience as a Securities Compliance Examiner 2 (commonwealth title);

or

• Four years of experience in the examination, investigation, or review of eligibility of broker-dealers, investment advisers, securities agents, and investment adviser representatives for state or federal registration, and a bachelor's degree which includes nine college credits in accounting, finance, economics, or a closely related field.

or

• An equivalent combination of experience and training which includes nine college credits in accounting, finance, economics, or a closely related field.