Michael T. Dorsey
Chief Compliance Officer in Financial Services
Investor Relations and Public Relations • Policy and Procedures Development & Implementation
A Chief Compliance Officer in Financial Services – with a career in law and compliance, serving first as a regulator and then as in-house counsel to broker-dealers and investment advisers. Served as a trusted advisor and consultant on legal / compliance obligations regarding SEC, FINRA, and exchange regulations and as a regulator at the Securities and Exchange Commission in the Division of Market Regulation. Expertise in designing supervision and compliance program systems and developing top performing teams.
New York Metropolitan Area
201.232.9104
Contact Me
Government Relations and Negotiation
Senior-level visionary demonstrating professionalism in negotiations with the federal government, management of regulatory oversight, negotiation of examination findings and remedial sanctions, and notification of regulators concerning senior staff changes and expansion of business lines.
Regulatory and Corporate Compliance
Recognized authority with the intellectual capacity, global mindset, and superior judgment to design and implement proper policies and procedures and ensure regulatory compliance on federal securities laws, FINRA matters, insider trading and money-laundering concerns, outside business activities, and other regulatory concerns.
Managerial and Corporate Leadership
Progressive and flexible consensus builder leading organizations to reach full potential and managing a staff of attorneys and compliance professionals, performance appraisals, professional training, and career development while fostering an unparalleled reputation for honesty, integrity, and corporate good citizenship that employees naturally follow.
Policy and Procedures Development & Implementation
Approachable business professional delivering relevant and impactful policies and procedures, designing systems of supervision and oversight over broker-dealer transactions and corporate holding companies, and spearheading change management and business continuity planning.
Staff Development, Training, Mentoring
Articulate and culturally sensitive leader effectively managing relationships, teambuilding, employee recruiting, mentoring and training, performance improvement and discipline, delegation of duties, and performance management to promote the corporate mission while driving corporate profits.
Achievements
Work History
A securities compliance consultancy on the regulation of securities markets, broker-dealers, and investment advisers.
President
Advise executives of broker-dealers and investment advisers on all regulatory aspects of businesses including the market structure for equities and fixed-income securities, Regulation NMS, alternative trading systems (ATS) and Regulation ATS, direct market / sponsored access, and high frequency trading as well as mortgage backed securities.
- $22 billion match book of repurchase and reverse repurchase agreements for a securities company overseen with no material compliance issues or adverse regulatory impact.
- Assisted in strengthening trading practice supervisory controls and in preventing future problem transactions for a securities services firm by providing compliance consulting services as the firm transitioned business models and by responding to regulatory inquiries on trades, defending the firm on every issue.
- Met the broker’s goal of making the alternative trading system (ATS) operational in less than nine months by collaborating with an inexperienced group to develop from a regulatory perspective and manage a rewrite of the supervisory procedures and compliance manual.
- Served as an expert witness in FINRA arbitration hearings regarding trading practices on equity securities by providing testimony that helped the respondent prevail in the arbitration with no damages awarded to the claimant.
- Guided a firm through the creation of a best execution committee to review ATS transactions by assembling trading, operations, IT, legal, and compliance team representatives to advise on execution quality oversight.
- Completed a review of the regulatory and compliance programs at the third largest US clearing firm for broker-dealers by producing a 25-page report on the issues complete with action items as remedial steps.
A leading diversified asset manager investing in and financing residential and commercial assets of the largest mortgage Real Estate Investment Trusts (REIT).
Associate General Counsel and Chief Compliance Officer
Designed, implemented, audited, and updated the supervision and compliance program systems. Obtained series 7 and 24. Managed regulatory inquiries and oversight examinations.
- Registered Annaly Management Company LLC (AMCO), with the SEC on Form ADV, created regulatory compliance / training programs for this new investment adviser, and assumed chief compliance officer role for AMCO.
- Implemented a training program for more than 160 asset management professionals and personally mentored legal and compliance professionals on investment adviser, broker-dealer, and corporate compliance programs.
- Revamped outdated written supervisory procedures and compliance manuals for an SEC-registered broker-dealer and an SEC-registered investment adviser.
A securities compliance and operations consultancy focused on broker-dealers and investment advisers.
Associate Director
Participated as independent consultant in Nasdaq AWC for a major, high-frequency trading firm seeking to eliminate management deficiencies and secure control of software changes.
- Contributed to improving IT change management, decreasing wash trade incidences, bolstering trading surveillance, increasing licensing and registration, and strengthening the supervisory system by driving a regulatory-mandated review of a major market maker stemming from the settlement of a FINRA disciplinary action.
An operator of the OTCQX Best Market, the OTCQB Venture Market, and the Pink Open Market for 10,000 US and global securities that connect a diverse network of broker-dealers providing liquidity and execution services.
Managing Director, Trading Services and Compliance
Managed five sales and service employees. Advised broker-dealer customers on products and services usage. Consulted with customer trading and compliance staffs on compliance issues with OTC equity securities.
A provider of managed account solutions for hedge fund investments.
Senior Vice President, General Counsel, and Chief Compliance Officer
Advised partners and managed the Form ADV (Parts I and II) and the IARD process. Drafted compliance procedures, employment contracts, the advisory committee charter, and solicitor’s agreements for the adviser.
- $200 million in additional funds under management achieved by creating the leveraged insurance dedicated fund and establishing lines of credit while also editing private placement memorandum and associated sales literature.
A public company making markets in OTC equity securities.
Executive Vice President, General Counsel, Secretary, and Director of New Product Development
Oversaw eight attorneys, compliance professionals, and administrative staff. Advised the board of directors on corporate governance and compliance with the Sarbanes / Oxley Act. Advised on all aspects of the broker-dealer business.
- $35 million in market capitalization realized by turning around a company near bankruptcy with a market capitalization under $2 million through an infusion of new capital and new order flow providers.
- Boosted order flow traffic including trades from a day-trading firm by collaborating with the CTO to develop a crown autofill web-enabled size-weighted-average price equity block-trading algorithm.
- Recruited six legal and compliance professionals to serve a public company and market making subsidiaries.
- Managed the legal and regulatory aspects of the public company turnaround.
Knight Trading Group | Jersey City, NJ
A public company making markets in OTC equity securities and listed securities trading OTC, acting as a specialist in exchange traded options, and engaged in asset management of a hedge fund.
Senior Vice President, General Counsel, Secretary, and Director of Legislative and Regulatory Affairs
Managed up to 32 attorneys, paralegals, compliance professionals, and administrative personnel. Engaged in lobbying efforts on Capitol Hill. Developed new products to fit a dynamic securities market structure.
- $750 million valuation, a 15-member board, and 22 owner IPO secured by advising on the initial public offering.
- Established an enduring system to judge the quality of executions based on enhanced liquidity, speed, and price improvement that eventually evolved into SEC Rules 605 and 606 in the Regulation NMS.
Education
Master of Laws in Securities Regulations, Georgetown University Law Center
Juris Doctorate / Law Degree, University of Missouri, Columbia
Bachelor of Science in Finance, St. Louis University
FINRA Series 7 & 24 Certifications
The Missouri Bar, Non-Resident Member | The Illinois State Bar Association, Inactive Member
The Bar Association of St. Louis, Non-Resident Member