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

JOB CODE: 04840

DEFINITION: This is highly responsible professional and managerial work directing the comprehensive statewide securities registration 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 registered to conduct securities business in Pennsylvania under Commonwealth securities laws and regulations. The employee exercises authority as delegated by the department to approve, waive, withdraw or terminate registration activities. Work involves coordinating the review of applications and the preparation of notifications and correspondence to applicants concerning deficiencies and filing requirements; developing and recommending regulations, policies, and other initiatives related to security registration functions; developing and recommending programs to administer new policies and procedures; interpreting and enforcing state laws and regulations pertaining to the operation of registered security entities; and interacting with private and public organizations, state and federal government officials, attorneys, and licensees to interpret, clarify, and promote awareness of pertinent issues. Supervision is exercised over professional and administrative staff. Work is performed with considerable independence and is reviewed by the Deputy Secretary for Securities through reports, conferences, and 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 statewide registration functions for the receipt, review, processing, and recording of applications and registrations of broker-dealer, investment adviser, securities agent, and investment adviser representatives.

• Examines and analyzes problematic applications from broker-dealers, investment advisers, 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.

• Approves, waives, withdraws, or terminates registration application activities as per authority of the department.

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

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

• Oversees and maintains web-based 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 for efficient functioning of the Securities Registration Office.

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

• Recommends sanctions and settlements on violations of the Pennsylvania Securities Act.

• Serves as a liaison to other federal and state securities regulatory agencies and self-regulatory organizations regarding securities registration activities.

• Meets with applicants and representatives to discuss issues and concerns related to securities registration 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 used 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-relationships 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 registration.

• Ability to communicate effectively orally.

• Ability to communicate effectively in writing.

• 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 are not used for merit system evaluation or examination purposes and are not position-specific performance standards.)

• Ability to detect changing trends in 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 Registration 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 professional experience in the examination, investigation, or review of eligibility of broker-dealers, investment advisers, securities agents, or investment adviser representatives for state or federal registration, and a bachelor’s degree;

or

• An equivalent combination of experience and training.