Series 63 – Uniform Securities Agent State Law Practice Exam

Series 63 – Uniform Securities Agent State Law

About Uniform Securities Agent State Law

The Series 63 exam — the Uniform Securities State Law Examination — is a North American Securities Administrators Association (NASAA) exam administered by FINRA. NASAA is in the process of updating questions on the Series 63, 65, and 66 exams in light of the recently enacted SECURE Act. 

The Series 63 is a securities exam and license entitling the holder to solicit orders for any type of security in a particular state. To obtain a Series 63 license, the applicant must pass an exam and possess knowledge of ethical practices and fiduciary obligations

Who should take the exam?

Candidates aspiring to become a securities sales agent, an investment banker, a broker or another professional within the securities industry, then you will most likely need to become licensed through FINRA – The Financial Industry Regulatory Authority. 

Some of these professions include-

• Financial Advisers

• Investment Bankers

• Financial Services Sales Agents

• Securities Sales Representatives

• Insurance Agents

• Financial Analysts

• Futures Traders

• Investment Advisers

• Commodity Trading Advisors

• Equity Traders

• Retail Broker-Dealers

• Stock Brokers

Course Structure

1. Regulation of Investment Advisers Including State-Registered and Federal Covered Advisers 5%

• definitions of an Investment Adviser (e.g., activities requiring registration)

2. Regulation of Investment Adviser Representatives 5%

• definition of an Investment Adviser Representative (e.g., activities requiring registration)

3. Regulation of Broker-Dealers 15%

• definition of a Broker-Dealer 

• registration/post-registration (e.g., books and records; registration maintenance requirements) 

• Broker-Dealer Agent supervision

4. Regulation of Agents of Broker-Dealers 15% 

• definition of an Agent of a Broker-Dealer 

• registration/post-registration (e.g., books and records; registration maintenance requirements)

5. Regulation of Securities and Issuers 5% 

• definition of securities and issuers 

• registration/post-registration (e.g., state registration requirements) 

• exemptions 

• State anti fraud authority

6. Remedies and Administrative Provisions 10%

• authority of state securities Administrator 

• administrative actions 

• other penalties and liabilities

7. Communication with Customers and Prospects 20%

• disclosures 

• unlawful representations concerning registrations 

• performance guarantees 

• customer agreements (e.g., new account, margin, options)

• correspondence and advertising (e.g., social media, email, website)

8. Ethical Practices and Obligations 25%

• compensation (e.g. fees; commissions; markups; soft dollars; disclosure of compensation) 

• customer funds and securities (e.g. custody; discretion; trading authorization; prudent investor standards; suitability) 

• conflicts of interest, criminal activities, and other ethical issues (e.g. excessive trading; loans to and from customers; sharing in profits and losses in a customer account; insider trading; selling away; market manipulation; due diligence; outside securities accounts) 

• cyber security and data protection

Exam Pattern 

• Exam Name: Uniform Securities Agent State Law
• Exam Code: Series 63
• Total Questions: 60
• Exam Format:  Multiple choice
• Exam Duration: 75 minutes
• Passing Score: 43/60
• Prerequisites: None
• Exam Fees: USD 135

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