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What is Series 63? A Comprehensive Guide to the State Exam
Definition & Meaning
The Series 63, also known as the Uniform Securities Agent State Law Examination, is a licensing test for individuals who want to work as securities agents in various states. Administered by the North American Securities Administrators Association (NASAA), this exam assesses a candidate's knowledge of state laws and regulations regarding securities. Passing the Series 63 is a requirement in nearly all states for those seeking to register as securities agents, ensuring they understand the legal framework governing securities transactions.
Table of content
Legal Use & context
The Series 63 is primarily used in the field of securities regulation. It is essential for individuals looking to become registered agents who sell securities products. This examination is relevant in various legal contexts, including:
Securities law
Financial regulation
Broker-dealer compliance
Users can manage their registration process and prepare for the Series 63 exam using legal templates available through US Legal Forms, which are drafted by experienced attorneys.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Here are a couple of examples illustrating the importance of the Series 63:
A stockbroker in California must pass the Series 63 to legally offer investment advice and sell securities to clients in the state.
A financial advisor moving from New York to Texas needs to pass the Series 63 to maintain their registration and continue working with clients in Texas (hypothetical example).
State-by-state differences
Examples of state differences (not exhaustive):
State
Requirement
California
Requires passing the Series 63 before registration as a securities agent.
Texas
Also mandates the Series 63 for securities registration.
New York
Requires the Series 63, alongside other exams for full registration.
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
Comparison with related terms
Term
Definition
Series 6
A license for selling mutual funds and variable annuities, requiring a different examination.
Series 7
A broader license allowing the sale of a wider range of securities, requiring a more extensive exam.
Common misunderstandings
What to do if this term applies to you
If you are looking to become a securities agent, follow these steps:
Review your state's specific requirements for registration.
Prepare for the Series 63 exam using study materials or courses.
Consider using US Legal Forms to access templates for any necessary applications or documents.
If you encounter complexities, consult a legal professional for guidance.
Find the legal form that fits your case
Browse our library of 85,000+ state-specific legal templates.