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Series 63 – Uniform Securities Agent State Law Exam

After passing the SIE and Series 7 Exams, representatives must also pass at least ONE of the following Securities Law Exams in order to be registered to conduct business in any State, and must be approved in their home state.

Exam Questions Allotted Exam Time Required To Pass
S63 60 Multiple-Choice Questions 1 hour and 15 minutes 72%
  1. Series 63 – Uniform Securities Agent State Law Exam
  2. Series 65 – Uniform Investment Adviser Law Exam
  3. Series 66 – Uniform Combined State Law Exam
    ** The Series 66 exam is the equivalent of taking both the Series 63 and Series 65 exams.

Exam Questions Allotted Exam Time Required To Pass
S63 60 Multiple-Choice Questions 1 hour and 15 minutes 72%
S66 100 Multiple-Choice Questions 1 hour and 50 minutes 73%
S65 130 Multiple-Choice Questions 3 hours 70%

In order for a candidate to pass the Series 63 Exam, he/she must correctly answer at least 43 of the 60 scored questions. The Uniform Securities Agent Law Examination consists of 65 multiple-choice questions covering the topics listed in the study guide. Applicants are allowed 75 minutes to complete the examination. All FINRA examinations are conducted as a closed book tests and are very strictly proctored



Section Description Questions Weight
I. Regulation of Investment Advisers 3 5%
II. Regulation of Investment Adviser Representatives 3 5%
III. Regulation of Broker-Dealers 7 12%
IV. Regulation of Agents of Broker-Dealers 8 13%
V. Regulation of Securities and Issuers 5 9%
VI. Remedies and Administrative Provisions 7 11%
VII. Communication with Customers and Prospects 12 20%
VIII. Ethical Practices and Obligations 15 25%
Total 60 100%

The Series 63 Exam focuses on state securities regulations, so understanding the nuances of state laws in addition to federal securities laws is crucial. This course uses a variety of study materials, practice exams, and review sessions to solidify your understanding of the material.

I. Regulations of Investment Advisers

  1. Definitions of Investment Advisers

        1.1. Activities requiring registration and exclusions from registration

II. Regulations of Investment Adviser Representatives

  1. Definition of an Investment Adviser Representative

        1.1. activities requiring registration and exclusions from registration

III. Regulations of Broker-Dealers

  1. Definition of a Broker-Dealer.
  2. Registration/Post-Registration Requirements

        2.1. activities requiring registration and exclusions from registration

  1. Broker-Dealer Agent Supervision

IV. Regulations of Agents of Broker-Dealers

  1. Definition of an Agent of a Broker-Dealer
  2. Registration/Post-Registration

        2.1. Activities requiring registration and exclusions from registration
        2.2. Update uniform forms

V. Regulations of Securities and Issuers

  1. Definition of Securities and Issuers
  2. State Registration/post-registration Requirements
  3. Exemptions from Registration
  4. State Enforcement and Antifraud Authority

VI. Remedies and Administrative Provisions

  1. Authority of State Securities Administrator
  2. Administrative Actions
  3. Other Penalties and Liabilities

VII. Communication with Customers and Prospects

  1. Required Product Disclosures
  2. Unlawful Representations Concerning Broker-Dealer Agent Registration
  3. Performance Guarantees Prohibition
  4. Customer Agreements

        4.1. New Account
        4.2. Margin
        4.3. Options

  1. Correspondence and Advertising

        5.1. Social media
        5.2. Email/digital messaging
        5.3. Website and internet communications

VIII. Ethical Practices and Obligations

  1. Compensation

        1.1. Fees
        1.2. Commissions
        1.3. Markups
        1.4. Disclosure of compensation

  1. Customer Funds and Securities

        2.1. Custody
        2.2. Discretion
        2.3. Trading authorization
        2.4. Applicable standard of care

  1. Conflicts of Interest, Criminal Activities, and Other Ethics Issues

        3.1. Excessive trading
        3.2. Loans to and from customers
        3.3. Sharing in profits and losses in a customer account
        3.4. Insider trading
        3.5. Selling away
        3.6. Market manipulation
        3.7. Outside securities accounts
        3.8. Exploitation of vulnerable adults
        3.9. Other prohibited activities