Glossary term
Series 63
The Series 63 is the Uniform Securities Agent State Law Exam, a NASAA exam administered by FINRA for broker-dealer agent state registration.
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What Is the Series 63?
The Series 63 is the Uniform Securities Agent State Law Exam. It is a NASAA exam administered by FINRA and is generally used as a state-law qualification exam for broker-dealer agents.
The Series 63 is not primarily a product exam. It focuses on state securities law, regulatory responsibilities, ethical practices, prohibited conduct, and registration concepts.
Key Takeaways
- The Series 63 is a NASAA state-law exam administered by FINRA.
- It is generally used for broker-dealer agent state registration.
- The exam is different from product-focused FINRA exams such as the Series 6 or Series 7.
- Passing the Series 63 is usually only one prerequisite; state registration approval may require other steps.
- The Series 66 can provide the equivalent of Series 63 and Series 65 exam credit when paired with a valid Series 7.
What the Series 63 Covers
The Series 63 focuses on state securities law. Topics include registration of persons and securities, exemptions, communications, ethical practices, fiduciary concepts, fraud, and regulatory authority under state law.
Because state securities regulators oversee broker-dealer agents and investment adviser representatives, the Series 63 helps test knowledge of state-level investor protection rules.
Series 63 Versus Series 65 and Series 66
Exam | General role |
|---|---|
Series 63 | State law exam for broker-dealer agents |
Series 65 | Investment adviser law exam for IAR qualification |
Series 66 | Combined state law exam used with a valid Series 7 |
Why It Matters to Investors
The Series 63 helps show that a broker-dealer agent has passed a state-law exam. Investors should still check whether the person is actually registered in their state, what firm they are associated with, what products they recommend, and how they are compensated.
Exam passage is a regulatory checkpoint, not a guarantee of advice quality.
The Bottom Line
The Series 63 is the Uniform Securities Agent State Law Exam. It is important for broker-dealer agent state registration, but investors should still verify registration, disclosures, conflicts, and role.