Series 63 practice exam
The Series 63 exam - the Uniform Securities Agent State Law Examination - assesses one's knowledge of the state laws associated with securities and registered representative activities. The Uniform Securities Act (or "USA") is a model legislation adopted by states, meaning it's a framework of laws and regulations that states can adopt and implement to properly regulate the securities industry. Nearly all states require individuals to pass state-based exams like the Series 63 as a condition of registration.
The Uniform Securities Act (or "USA") is a model legislation adopted by states, meaning it's a framework of laws and regulations that states can adopt and implement to properly regulate the securities industry. Nearly all states require individuals to pass state-based exams like the Series 63 as a condition of registration.
The exam contains a total of 65 questions, 5 of which are experimental and unscored.
Despite commonly being called the "FINRA Series 63" it is more accurately a North American Securities Administrators Association (NASAA) exam administered by FINRA.
An IAR maintains their only office in Vermont, and only maintains five clients in their book of business. All her clients are incredibly wealthy, and the IAR collects a sizeable amount in asset management fees from the client base. Two of her clients are moving south to Massachusetts, a state where the IAR does not currently maintain registration. Regardless, the IAR plans to continue providing their services to these clients, although they will not be relocating or opening an additional office in the state. In order to do so, USA and NASAA rules would require which of the following?
A person's application for registration in a state could be denied for which of the following reasons?
The definition and regulations of Investment Advisers, including state-registered and federal covered advisers. Contains topics including activities requiring registration and exclusions from registration.
The definition and regulations of Investment Adviser Representatives (IARs). Contains topics including activities requiring registration and exclusions from registration.
The definition and regulations of Broker-Dealers. Contains topics including registration and post-registration requirements, activities requiring registration and exclusions from registration, and Broker-Dealer Agent supervision.
The definition and regulations of Agents of Broker-Dealers. Contains topics including registration and post-registration requirements, activities requiring registration and exclusions from registration, and updating uniform forms.
The definition and regulations of Securities and Issuers. Contains topics such as state registration and post-registration requirements, exemptions, and state enforcement and antifraud authority.
The authority of state securities administrators, types of administrative actions, and other penalties and liabilities.
Required product disclosures, unlawful representations concerning broker-dealer agent registration, and rules around performance guarantees. Contains topics on customer agreements requirements for activities such as new accounts, margin trading, and options trading. Also covers correspondence and advertising via social media, email/digital messaging, website and internet communications.
Ethical practices and obligations related to compensation, customer funds and securities, conflicts of interest, criminal activities, and other ethics issues.
