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Series 63 - Uniform Securities Agent State Law



The Series 63 examination is a seventy-five (75) minutes 60 multiple-choice question exam. The cost of the examination is approximately $96.00 (as of 7/16/10). The exam covers the following sections:
  1. State Securities Acts and related rules and regulations 36 (60%)
    A. Regulation of Investment Advisers, including state-registered and federal covered advisers [3]
    definitions
    registration
    post-registration requirements
    termination
  2. B. Regulation of Investment Adviser Representatives [3]
    definition
    registration
    C. Regulation of Broker-dealers (e.g., definition, registration, post-registration requirements) [12]
    definition
    registration
    post-registration requirements
    D. Regulation of Agents of Broker-dealers [6]
    definition
    registration
    termination
    E. Regulations of Securities and Issuers [6]
    definitions
    registration
    post-registration requirements
    exemptions
    state authority over federal covered securities
    F. Remedies and Administrative Provisions [6]
    authority of administrator
    administrative actions
    other penalties and liabilities
    other provisions (e.g., filing of sales, advertising literature)
  3. Ethical practices and fiduciary obligations 24 (40%)
    A Communications with clients and prospects [8]
    disclosure
    unlawful representations concerning registrations
    performance guarantees
    client contracts
    B. Compensation [4]
    fees
    commissions
    performance-based fees
    soft dollars
    disclosure of compensation
    C. Client Funds and Securities [8]
    custody
    discretion
    trading authorization
    prudent investor standards
    suitability
    D. Conflicts of Interest and Other Fiduciary Issues [4]
    conflict of interest
    excessive trading
    loans to and from clients
    sharing in profits and losses in customer account
    client confidentiality
    insider trading
    selling away
    market manipulation
    other

    The North American Securities Administrators Association, Inc. has produced a Series 63 content outline, which is available for free.