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Series 63 Exam Overview

The document outlines the test specifications for the Series 63 exam, which assesses competency in state securities regulation. It divides the exam content into 8 topics: Regulation of Investment Advisers; Regulation of Investment Adviser Representatives; Regulation of Broker-Dealers; Regulation of Agents of Broker-Dealers; Regulation of Securities and Issuers; Remedies and Administrative Provisions; Communication with Customers and Prospects; and Ethical Practices and Obligations. For each topic it provides the weight in terms of percentage of the exam and number of associated questions. The major content areas covered within each topic are also summarized.

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Michael Luna
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254 views2 pages

Series 63 Exam Overview

The document outlines the test specifications for the Series 63 exam, which assesses competency in state securities regulation. It divides the exam content into 8 topics: Regulation of Investment Advisers; Regulation of Investment Adviser Representatives; Regulation of Broker-Dealers; Regulation of Agents of Broker-Dealers; Regulation of Securities and Issuers; Remedies and Administrative Provisions; Communication with Customers and Prospects; and Ethical Practices and Obligations. For each topic it provides the weight in terms of percentage of the exam and number of associated questions. The major content areas covered within each topic are also summarized.

Uploaded by

Michael Luna
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Series 63 Test Specifications

Topic Weight No. Questions

Regulation of Investment Advisers


Including State-Registered and Federal Covered Advisers 5% 3

1. definitions of an Investment Adviser (e.g., activities requiring registration)

Regulation of Investment Adviser Representatives 5% 3

1. definition of an Investment Adviser Representative


(e.g., activities requiring registration)

Regulation of Broker-Dealers 15% 9

1. definition of a Broker-Dealer

2. registration/post-registration
(e.g., books and records; registration maintenance requirements)

3. Broker-Dealer Agent supervision

Regulation of Agents of Broker-Dealers 15% 9

1. definition of an Agent of a Broker-Dealer

2. registration/post-registration
(e.g., books and records; registration maintenance requirements)

Regulation of Securities and Issuers 5% 3

1. definition of securities and issuers

2. registration/post-registration (e.g., state registration requirements)

3. exemptions

4. State antifraud authority

Remedies and Administrative Provisions 10% 6

1. authority of state securities Administrator

2. administrative actions

3. other penalties and liabilities

Communication with Customers and Prospects 20% 12

1. disclosures

2. unlawful representations concerning registrations

3. performance guarantees

4. customer agreements (e.g., new account, margin, options)


Series 63 Test Specifications

5. correspondence and advertising (e.g., social media, email, website)

Ethical Practices and Obligations 25% 15

1. compensation
(e.g. fees; commissions; markups; soft dollars; disclosure of compensation)

2. customer funds and securities


(e.g. custody; discretion; trading authorization; prudent investor standards; suitability)

3. conflicts of interest, criminal activities, and other ethical issues (e.g. excessive trading;
loans to and from customers; sharing in profits and losses in a customer account;
insider trading; selling away; market manipulation; due diligence; outside securities accounts)

4. cyber security and data protection

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