Uniform Securities Agent State Law Exam
Encyclopedia
The Uniform Securities Agent State Law Examination, commonly referred to as the Series 63, is developed by North American Securities Administrators Association
(NASAA) and is administered by the Financial Industry Regulatory Authority
(FINRA). The examination is designed to qualify candidates as securities agents within a state; nearly all states require individuals to pass the Series 63 as a condition of state registration.
The Uniform Securities Agent State Law Examination consists of 65 multiple-choice questions. Applicants are allowed 75 minutes to complete the examination. Applicants must attain scores of 72% in order to pass. Credit is only given for correct answers. Of the 65 questions on the exam, 60 will count toward the final score. The remaining 5 questions are being pre-tested for possible inclusion in the operational question bank; these questions may appear anywhere in the exam and are not identified.
The examination covers the principles of state securities regulation reflected in the Uniform Securities Act
(with the amendments adopted by NASAA and rules prohibiting dishonest and unethical business practices). The examination is intended to provide a basis for state securities administrators to determine an applicant's knowledge and understanding of state law and regulations.
North American Securities Administrators Association
The North American Securities Administrators Association , founded in Kansas in 1919, is the oldest international investor protection organization. NASAA is an association of state securities administrators who are charged with the responsibility to protect consumers who purchase securities or...
(NASAA) and is administered by the Financial Industry Regulatory Authority
Financial Industry Regulatory Authority
In the United States, the Financial Industry Regulatory Authority, Inc., or FINRA, is a private corporation that acts as a self-regulatory organization . FINRA is the successor to the National Association of Securities Dealers, Inc. ...
(FINRA). The examination is designed to qualify candidates as securities agents within a state; nearly all states require individuals to pass the Series 63 as a condition of state registration.
The Uniform Securities Agent State Law Examination consists of 65 multiple-choice questions. Applicants are allowed 75 minutes to complete the examination. Applicants must attain scores of 72% in order to pass. Credit is only given for correct answers. Of the 65 questions on the exam, 60 will count toward the final score. The remaining 5 questions are being pre-tested for possible inclusion in the operational question bank; these questions may appear anywhere in the exam and are not identified.
The examination covers the principles of state securities regulation reflected in the Uniform Securities Act
Uniform Securities Act
The Uniform Securities Act is a model statute designed to guide each state in drafting its state securities law. It was created by the National Conference of Commissioners on Uniform State Laws ....
(with the amendments adopted by NASAA and rules prohibiting dishonest and unethical business practices). The examination is intended to provide a basis for state securities administrators to determine an applicant's knowledge and understanding of state law and regulations.
| Test Breakdown | # of Questions | % of Exam |
|---|---|---|
| Registration of Persons | 24 | 40% |
| Securities | 6 | 10% |
| Business Practice | 24 | 40% |
| Administrative Provisions & Other Remedies | 6 | 10% |
See also
- List of Securities Examinations
- Series 6Series 6The Investment Company Products/Variable Life Contracts Representative Exam, commonly referred to as the Series 6, is a multiple choice exam that registers an individual to transact a limited set of securities:* Mutual funds...
- General Securities Representative ExamGeneral Securities Representative ExamThe General Securities Representative Exam, commonly referred to as the Series 7 Exam, is a required exam to become a Registered Representative of a broker-dealer in the United States....
(Series 7) - Series 65
- Financial Industry Regulatory AuthorityFinancial Industry Regulatory AuthorityIn the United States, the Financial Industry Regulatory Authority, Inc., or FINRA, is a private corporation that acts as a self-regulatory organization . FINRA is the successor to the National Association of Securities Dealers, Inc. ...
(FINRA) - Uniform Securities ActUniform Securities ActThe Uniform Securities Act is a model statute designed to guide each state in drafting its state securities law. It was created by the National Conference of Commissioners on Uniform State Laws ....