Series 63 – Uniform Securities Agent State Law Practice Exam

Series 63 – Uniform Securities Agent State Law Practice Exam

 

The Uniform Securities Agent State Law Examination, commonly referred to as the Series 63 exam, was collaboratively developed by NASAA in partnership with representatives from the securities industry and related associations.

This examination aims to certify candidates as securities agents by assessing their understanding of the principles outlined in state securities regulation as per the Uniform Securities Act, along with the amendments endorsed by NASAA and regulations aimed at preventing dishonest and unethical business practices. Its purpose is to serve as a benchmark for state securities administrators in evaluating an applicant's comprehension and familiarity with state laws and regulations.

 

Who should take the exam?

The target audience for the Series 63 – Uniform Securities Agent State Law exam consists of:

• Individuals aiming to become registered representatives within a specific state and offer investment products like mutual funds, variable annuities, and unit investment trusts.
• Financial Advisors
• Investment Bankers
• Securities Sales Representatives
• Insurance Agents
• Financial Analysts

 

Exam Details 

• Exam Code: Series 63
• Exam Name: Uniform Securities Agent State Law
• Exam Languages: English
• Exam Questions: 60 Questions
• Time: 75 minutes
• Passing Score: 43/60

 

Exam Course Outline 

The Exam covers the given topics  - 

Domain 1: Regulations of Investment Advisers, Including StateRegistered and Federal Covered Advisers 5%

• definitions of Investment Advisers

 

Domain 2: Understand the Regulations of Investment Adviser Representatives 5%

• definition of an Investment Adviser Representative

 

Domain 3: Learn about Regulations of Broker-Dealers 12%

• definition of a Broker-Dealer.
• registration/post-registration requirements
• Broker-Dealer Agent supervision

 

Domain 4: Regulations of Agents of Broker-Dealers 13%

• definition of an Agent of a Broker-Dealer
• registration/post-registration

 

Domain 5: Regulations of Securities and Issuers 9%

• definition of securities and issuers
• state registration/post-registration requirements
• exemptions from registration
• state enforcement and antifraud authority

 

Doman 6: Remedies and Administrative Provisions 11%

• authority of state securities Administrator
• administrative actions
• other penalties and liabilities

 

Domain 7: Communication with Customers and Prospects 20%

• required product disclosures
• unlawful representations concerning broker-dealer agent registration
• performance guarantees prohibition
• customer agreements
• correspondence and advertising

 

Domain 8: Ethical Practices and Obligations 25%

• compensation
• customer funds and securities
• conflicts of interest, criminal activities, and other ethics issues