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Series Outline

The document outlines the content areas and number of items covered on the Uniform State Law Examination (Series 63). 60% of the exam focuses on state securities acts and related regulations regarding investment advisers, broker-dealers, agents, and securities issuers. The remaining 40% covers ethical practices and fiduciary obligations in areas such as communications with clients, compensation, handling of client funds and securities, and conflicts of interest. Test takers can expect 36 questions on state securities acts and 24 questions on ethics for a total of 60 test items.

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33 views

Series Outline

The document outlines the content areas and number of items covered on the Uniform State Law Examination (Series 63). 60% of the exam focuses on state securities acts and related regulations regarding investment advisers, broker-dealers, agents, and securities issuers. The remaining 40% covers ethical practices and fiduciary obligations in areas such as communications with clients, compensation, handling of client funds and securities, and conflicts of interest. Test takers can expect 36 questions on state securities acts and 24 questions on ethics for a total of 60 test items.

Uploaded by

bwang388
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Uniform State Law Examination

(Series 63)
Exam Specifications and Outline
(Effective 1/1/2010)

CONTENT AREA # of Items

1. State Securities Acts and related rules and regulations 36 (60%)


A. Regulation of Investment Advisers, including state-
registered and federal covered advisers 3
1. definitions
2. registration
3. post-registration requirements
4. termination
B. Regulation of Investment Adviser Representatives 3
1. definition
2. registration
C. Regulation of Broker-dealers (e.g., definition,
registration, post-registration requirements) 12
1. definition
2. registration
3. post-registration requirements
D. Regulation of Agents of Broker-dealers 6
1. definition
2. registration
3. termination
E. Regulations of Securities and Issuers 6
1. definitions
2. registration
3. post-registration requirements
4. exemptions
5. state authority over federal covered securities
F. Remedies and Administrative Provisions 6
1. authority of administrator
2. administrative actions
3. other penalties and liabilities
4. other provisions (e.g., filing of sales, advertising
literature)

2. Ethical practices and fiduciary obligations 24 (40%)


A. communications with clients and prospects 8
1. disclosure
2. unlawful representations concerning
registrations
3. performance guarantees
4. client contracts
B. compensation 4
1. fees
2. commissions
3. performance-based fees
4. soft dollars
5. disclosure of compensation
C. client funds and securities 8
1. custody
2. discretion
3. trading authorization
4. prudent investor standards
5. suitability
D. conflicts of interest and other fiduciary issues 4
1. conflict of interest
2. excessive trading
3. loans to and from clients
4. sharing in profits and losses in customer account
5. client confidentiality
6. insider trading
7. selling away
8. market manipulation
9. other

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