Series 63 Uniform Securities Agent State Law Exam

The Series 63, the Uniform Securities Agent State Law Examination, is a North American Securities Administrators Association (NASAA) exam administered by FINRA. Passing it is normally a prerequisite for registration as a broker-dealer agent in a state, though passing does not by itself give the right to do securities business in any state. It tests the principles of state securities regulation in the Uniform Securities Act of 1956 as amended by NASAA, NASAA's statements of policy and model rules, and the federal securities laws and SEC and FINRA rules that NASAA's study guide lists. The exam has 65 multiple-choice questions: 60 are scored and 5 are unidentified pretest questions that do not count. Candidates have 75 minutes and must answer at least 43 of the 60 scored questions correctly to pass. The scored questions follow NASAA's test specifications (effective June 12, 2023): Regulation of Investment Advisers (3 questions), Regulation of Investment Adviser Representatives (3), Regulation of Broker-Dealers (7), Regulation of Broker-Dealer Agents (8), Regulation of Securities and Issuers (5), Remedies and Administrative Provisions (7), Communication with Customers and Prospects (12) and Ethical Practices and Obligations (15). The exam is closed book. NASAA's Series 63 exam pages and FINRA's Series 63 page are the authority.