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:
- 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 -
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)
- 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.