Securities Department Director

Job Title:  Securities Department Director

Division:   Administration

Union:      None

Location:  69 W Washington St,Chicago, IL - Cook County

Salary:     $90,000 - $160,000 annually - actual salary commensurate with experience

Benefits:    https://cms.illinois.gov/benefits/stateemployee.html  

Job description

The Illinois Securities Department regulates the offer and sale of securities in Illinois. The Department licenses securities offerings and entities that engage in broker-dealer activities or investment advisory services, as well as investigates complaints from investors, taking legal action where the law is violated. Further, the Department works with other state and federal legal authorities in referring cases of criminal activity for criminal prosecution, as well as working with the Illinois Attorney General’s office to take legal action to return funds to defrauded investors.

The Director of the Securities Department is a full time, in office, exempt position responsible for administering the statute which controls a major segment of the investment industry in the State of Illinois - the Illinois Securities Law of 1953, the Franchise Disclosure Act, and other related laws; The Director plans, coordinates supervises, reviews and analyzes the activities of a diverse legal and technical staff, of over 50 exempt, merit comp and union employees located in Chicago and Springfield, directly and through subordinates, for adherence to the legal requirements of the Illinois Securities Law and the Franchise Disclosure Act. The duties of the position, which reports to the ILSOS Chief of Staff specifically involve:

1. Working with the Secretary of State, the Secretary of State General Counsel’s office, and other ILSOS administrative officers on all matters involving the Securities Division, including the determination of the policy direction of the Securities Division, after consultation with legal and technical staff; exercising discretion in the imposition of escrows of securities, escrows of funds, suitability standards for specific types of securities offerings and escrows of franchise fees, and the content of disclosure statements for franchise offerings to Illinois investors; and determining whether applications for the registration of securities in the State of Illinois will be granted or not granted based on compliance with the Illinois Securities Law of 1953 and the General Rules and Regulations thereunder and whether applications for the registration of franchises in the State of Illinois will be deemed effective.

2. Preparing amendments to existing laws and conferring with the Illinois legislative branch of government relative to matters affecting those laws; proposing administrative rules as needed to implement the legislative intent of securities laws; oversees the preparation of the Securities Division budget; interviews prospective employees prior to hiring.

3. Overseeing, with the Budget Department of the Illinois Secretary of State the preparation of the Securities Department's budget within the Illinois Secretary of State’s budget.

4. Participating in the hiring processes led by the ILSOS Human Resources Department, including preparing questions for and participating in interviews of prospective employees of the ILSOS Securities Department prior to hiring by the Illinois Secretary of State.

5. Directing enforcement attorneys in investi­gation and prosecution of violations of securities laws; recommending injunctive action to the Attorney General's office and criminal prosecutions to the State’s Attorney's offices.

6. Addressing legal associations; fraternal associations, trade associations and law schools on topics related to securities

5. Conducting formal and informal conferences with attorneys, underwriters, accountants, and related parties contemplating a public offering of securities and franchise offerings or having proposed offerings on file which upon review reveals serious substantive and technical deficiencies.

6. Revising and evaluating findings, reports, Special Orders, Notices of Legal Action, legal interpretation letters, and Registration Notices for accuracy and conformance to the Securities Law, Franchise Disclosure Act, and related securities laws.

7. Devising and developing plans and procedures for revisions of registration forms in coordination with the Federal Securities Act forms and franchise-related forms of other states.

8.Conferring with representatives of agencies of other states and federal entities to prevent, detect, and prosecute violations of the Illinois Securities Law, the Franchise Disclosure Act, other states' Blue Sky Laws or the Federal Securities Act; conferring with appropriate executive officers of national and regional stock exchanges on matters affecting the investing public.

9. Conferring with representatives of other state agencies as required for specialized background information in connection with securities and franchise offerings.

10. Cooperating and working with the Secretary of State General Counsel’s office and representatives of the Attorney General’s office, State's Attorneys and other state departments or enforcement agencies in preventing, detecting, or prosecuting violations of the Illinois Securities Law of 1953 and the Franchise Disclosure Act.

11.  Other duties as assigned.

Experience:

• Bachelor's Degree required, with degree in finance, accounting, or business management preferred.  Law degree is preferred, with experience in securities, finance or regulatory areas preferred.
• A minimum of 5 years' work experience in securities and/or finance required, with experience in securities law.
• A minimum of 3 years' work experience in management of a large-scale department, division, or similar operations.
• Work experience in governmental setting or government-adjacent fields preferred but not required.

Benefits:

• Dental insurance
• Employee assistance program
• Flexible spending account
• Health insurance
• Paid time off
• Vision insurance

Willingness to travel:

• 25% (Preferred)

Application Process: 

• Please visit https://ilsos.applytojob.gov/apply to apply by completing the online application; you may also upload a resume, or other attachments as needed.
• Preference will be given to Illinois residents in the hiring and selection process, in accordance with the Illinois Secretary of State Merit Employment Code.
• Questions regarding this posting or Illinois Secretary of State employment practices may be directed to Job Counselors at our Personnel offices in Chicago (312-793-5515) or Springfield (217-782-4783).  

Equal Employment Opportunity Employer. Applicants must be lawfully authorized to work in the United States.

Applicants are considered for all positions without regard to race, color, religion, sex, national origin, sexual orientation, age, marital or veteran status, or the presence of a non-job-related medical condition or disability.