Uniform Securities Agent State Law
The Series 63 examination, formally known as the Uniform Securities Agent State Law Examination, is administered by NASAA (North American Securities Administrators Association) and tests candidates on state securities laws commonly referred to as "blue sky laws." Required in most U.S. states and territories, the Series 63 is a critical credential for securities agents who sell securities products within a state. The exam covers the Uniform Securities Act (USA), including definitions, registration of securities and persons, fraudulent and prohibited practices, and the powers of the state securities Administrator. Passing the Series 63 alongside the SIE and a representative-level exam (such as the Series 7) qualifies an individual to transact securities business in most states.
Chapters
The Uniform Securities Act
Purpose of the USA, key definitions, federal vs. state jurisdiction, federal covered securities, and jurisdiction over persons
Securities Registration
Registration methods (coordination, notification, qualification), exempt securities, and exempt transactions
Broker-Dealer & Agent Regulation
BD registration requirements, exclusions, agent registration, exemptions, notice filing, and net capital
Investment Adviser Regulation
IA and IAR definitions, exclusions, registration, brochure rule, solicitors, custody, and contracts
Business Practices & Prohibited Activities
Ethical standards, prohibited practices, fiduciary duty, suitability, disclosure obligations, and compensation
Administrative Provisions & Remedies
Administrator powers, enforcement actions, civil liability, criminal penalties, and judicial review