Uniform Combined State Law
The Series 66 examination, formally known as the Uniform Combined State Law Examination, is administered by NASAA (North American Securities Administrators Association) and combines the content of both the Series 63 (Uniform Securities Agent State Law) and the Series 65 (Uniform Investment Adviser Law) exams into a single comprehensive test. Designed for professionals who plan to act as both securities agents and investment adviser representatives, the Series 66 covers state securities regulations under the Uniform Securities Act, registration requirements for securities and persons, exemptions, ethical and fiduciary obligations, client suitability, portfolio management principles, and administrative enforcement. Passing the Series 66 alongside the SIE and Series 7 qualifies an individual to operate as both a registered representative and an investment adviser representative in most U.S. states and territories.
Chapters
The Uniform Securities Act Overview
USA structure and purpose, key definitions, federal vs. state jurisdiction, persons covered under state law
Securities Registration Requirements
Registration methods (coordination, notification, qualification), federal covered securities, and state notice filing
Exemptions from Registration
Exempt securities, exempt transactions, preemptive rights offerings, private placements, and Regulation D
Broker-Dealer & Agent Registration
BD and agent registration requirements, exclusions from definitions, exemptions, and successor registration
Investment Advisers & Representatives
IA and IAR registration, federal covered advisers, fiduciary obligations, notice filing requirements
Ethical Practices & Fiduciary Obligations
Prohibited practices, fraud provisions, market manipulation, disclosure requirements, and compensation rules
Client Recommendations & Portfolio Management
Portfolio management concepts, suitability obligations, advisory contracts, performance fees, and investment strategies
Administrative Remedies & Enforcement
Administrator powers, enforcement actions, civil liability, criminal penalties, and statute of limitations