Securities Department Director

Illinois Secretary of State•Chicago, IL

5d•$105,000 - $130,000•Onsite

About The Position

The Illinois Securities Department regulates securities offerings and entities engaged in broker-dealer activities or investment advisory services in Illinois. It investigates investor complaints and takes legal action when laws are violated, refers potential criminal activity to state and federal legal authorities, and works with the Illinois Attorney General’s office to recover funds for defrauded investors. The Securities Department Director is a full-time, in-office, exempt position responsible for administering the Illinois Securities Law of 1953, the Franchise Disclosure Act, and related laws. The Director plans, coordinates, supervises, reviews, and analyzes the work of a diverse legal and technical staff of more than 50 exempt, merit-compensation, and union employees located in Chicago and Springfield, directly and through subordinates, to ensure compliance with applicable legal requirements.

Requirements

Bachelor’s degree.
At least 5 years of work experience in securities and/or finance, including experience in securities law.
At least 3 years of work experience managing a large-scale department, division, or similar operation.
Possession of an Illinois Driver’s License.
Willingness to travel.
Applicants must be lawfully authorized to work in the United States.

Nice To Haves

Bachelor’s degree in finance, accounting, or business management.
Law degree.
Experience in securities, finance, or regulatory areas.
Work experience in a governmental setting or government-adjacent field.
Illinois residency; preference is given to Illinois residents in the hiring and selection process.

Responsibilities

Work with the Secretary of State, the Secretary of State General Counsel’s office, and other administrative officers on Securities Division matters, including policy direction, after consultation with legal and technical staff.
Exercise discretion over securities and franchise offering requirements, including escrows, suitability standards, and franchise disclosure statements; determine whether securities and franchise registration applications meet applicable requirements.
Prepare proposed amendments to existing laws, confer with the Illinois legislative branch on matters affecting those laws, and propose administrative rules to implement legislative intent.
Oversee preparation of the Securities Division budget in coordination with the Illinois Secretary of State Budget Department.
Participate in hiring processes, including preparing interview questions and interviewing prospective Securities Department employees before hiring by the Secretary of State.
Direct enforcement attorneys in investigating and prosecuting securities-law violations; recommend injunctive action to the Attorney General’s office and criminal prosecutions to State’s Attorneys’ offices.
Address legal, fraternal, and trade associations and law schools on securities-related topics.
Conduct formal and informal conferences with parties contemplating or pursuing securities or franchise offerings when review identifies serious substantive or technical deficiencies.
Review and revise findings, reports, Special Orders, Notices of Legal Action, legal interpretation letters, and Registration Notices for accuracy and compliance with applicable laws.
Develop plans and procedures for revising securities registration forms in coordination with federal forms and franchise-related forms used by other states.
Confer with state and federal agency representatives and stock exchange officers to help prevent, detect, and prosecute violations and address matters affecting investors.
Obtain specialized background information from other state agencies concerning securities and franchise offerings.
Cooperate with the Secretary of State General Counsel’s office, the Attorney General’s office, State’s Attorneys, and other state departments or enforcement agencies to prevent, detect, and prosecute violations.
Perform other duties as assigned.