FINRA Uniform Securities Agent State Law Examination : Series63

  • Exam Code: Series63
  • Exam Name: Uniform Securities Agent State Law Examination
  • Updated: Sep 17, 2026
  • Q & A: 251 Questions and Answers

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About FINRA Uniform Securities Agent State Law Examination : Series63 Exam

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FINRA Series63 Exam Syllabus Topics:

SectionWeightObjectives
State Securities Acts and Related Rules & Regulations40%- Definitions and jurisdiction
- Registration of securities and exemptions
- Regulation of broker-dealers and agents
- Regulation of investment advisers and representatives
Regulations of Investment Advisers and Representatives15%- Advertising and recordkeeping rules
- Fiduciary duties and disclosure requirements
- Registration and exclusions
Regulations of Agents and Broker-Dealers25%- Supervision and compliance responsibilities
- Recordkeeping and reporting obligations
- Registration requirements and exemptions
Prohibited Practices and Ethical Obligations20%- Administrative remedies and enforcement
- Fraudulent and unethical business conduct
- Disclosure and fair dealing

FINRA Uniform Securities Agent State Law Examination Sample Questions:

Question #1

Which of the following is not a prohibited practice for a broker-dealer?

  • A. recommending a security to a new client without first ascertaining that client's level of risk tolerance
  • B. executing a trade for an account holder based on instructions from the account holder's spouse
  • C. requiring that a client who is engaged in margin transactions leave the securities with the broker-dealer in "street name"
  • D. waiting 36 hours before mailing a check after receiving a request for a cash withdrawal from a client if the client has that much cash available in his account
Reveal Solution  Discussion  0

Correct Answer: C  🗳️

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Question #2

on No: 9
Rich Writewell wants to begin publishing an independent weekly financial newsletter that will provide investment recommendations as well as other financial news items to the general public. Rich hopes that his newsletter will achieve nationwide circulation within a few months.
Which of the following statements is true?

  • A. Rich will not have to register as an investment adviser since he is publishing a legitimate financial newsletter for distribution to the general public.
  • B. Rich will have to register as an investment adviser only if he sells this newsletter to the public. If the publication is to be distributed free of charge, he will not have to register.
  • C. Rich may be exempt from registering as an investment adviser if he is a lawyer, accountant, engineer, or teacher. Otherwise, he will have to register.
  • D. Rich will have to register as an investment adviser since his publication will include investment recommendations.
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

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Question #3

The Uniform Securities Act (USA) is

  • A. a body of laws governing the purchase and sale of securities within a single state.
  • B. federal legislation that requires all states to adopt the same registration requirements for all.
  • C. a set of guidelines for individual states to follow when formulating their own securities' laws.
  • D. a group of laws requiring state-issued securities, such as municipal bonds, to be registered with.
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Correct Answer: C  🗳️

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Question #4

Which of the following are accurate statements regarding the minimum financial requirements for investment advisers according to the NASAA Model Rules?
I. Any investment adviser who has discretionary authority over a client's assets, but who does not have actual custody of client funds or securities, is required to maintain a minimum net worth of $10,000 at all times.
II. An investment adviser who requires that a fee of more than $500 from his clients be paid six months or more in advance must maintain a positive net worth at all times.
III. Only an investment adviser who has actual custody of client assets is subject to a minimum net worth requirement, which the NASAA Model Rules specifies is $10,000.

  • A. III only
  • B. II and III only
  • C. I only
  • D. I and II only
Reveal Solution  Discussion  0

Correct Answer: D  🗳️

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Question #5

No: 192
The maximum monetary civil liability that a person who has violated a securities law can be expected to pay is

  • A. the original investment + a state-deemed appropriate interest rate + court costs and reasonable attorneys' fees + any state-determined "pain and suffering" award - any income the victim has received on the investment.
  • B. the original investment + a state-deemed appropriate interest rate + court costs and reasonable attorneys' fees + any income the victim has received on the investment.
  • C. the original investment + a state-deemed appropriate interest rate + court costs and reasonable attorneys' fees - any income the victim has received on the investment.
  • D. the original investment + a state-deemed appropriate interest rate + court costs and reasonable attorneys' fees + any state-determined "pain and suffering" award.
Reveal Solution  Discussion  0

Correct Answer: C  🗳️

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