NASAA State-Law Exam Guides

Use this section for U.S. state-law exam routes such as Series 63, Series 65, and Series 66. These guides are not generic securities overviews. They are exam-oriented reading guides built around the role distinctions, registration triggers, ethics rules, and adviser-law concepts that tend to create the most confusion under time pressure.

The three current NASAA paths are different enough that it is worth choosing deliberately:

• Series 63 is the narrower broker-dealer agent state-law exam.
• Series 65 is the standalone investment adviser representative exam.
• Series 66 is the combined state-law path typically paired with Series 7.

Each exam root gives you the same core appendix structure: a study plan, a cheat sheet, a glossary, an FAQ, and an official-resources page. The purpose is practical. Use the study plan for reading order, the cheat sheet for fast recall, the glossary for cleanup when legal terms blur together, the FAQ for logistics and registration questions, and the resources page when you need current official policy.

If you are not sure which NASAA exam belongs in your path, start by confirming the role you want to register for and whether a firm, a state regulator, or a co-requisite exam changes that path. In practice, that usually means:

• confirm first that you are in a U.S. securities licensing route, not a Canadian CIRO, CSI, FP Canada, LLQP, or RIBO path
• confirm whether the role is broker-dealer agent, investment adviser representative, or a combined IAR route
• confirm whether FINRA co-requisites change the exam choice before you start drilling state-law detail

In this section

• Series 63 Exam Guide, Study Plan & Practice Questions
  Series 63 exam guide focused on state-law registration, role classification, prohibited practices, and official NASAA topic coverage.
  • Regulation of Broker-Dealers
    Review the Series 63 rules for broker-dealer registration, Form BD, and supervisory standards under state and federal law.
    • Broker-Dealer Registration and Form BD
      Review when a broker-dealer must register, how Form BD fits the process, and how Series 63 tests firm-level registration logic.
    • Supervision and State Broker-Dealer Controls
      Learn how Series 63 tests broker-dealer supervision standards and the state-law controls that apply after registration.
  • Regulation of Broker-Dealer Agents
    Learn how Series 63 tests agent registration, Form U4, outside-account rules, and payments to unregistered persons.
    • Agent Registration and State-Law Status
      Study how Series 63 classifies broker-dealer agents and when state agent registration is required.
    • Form U4, Outside Accounts, and Payments to Unregistered Persons
      Review Form U4 obligations, outside-account controls, and compensation rules involving unregistered persons on Series 63.
  • Ethical Practices and Obligations
    Study the dishonest, unethical, manipulative, and customer-harming conduct that dominates the largest Series 63 domain.
    • Dishonest and Unethical Business Practices
      Review the state-law dishonest and unethical practice standards that dominate the ethical core of Series 63.
    • Market Abuse and Improper Trading Practices
      Learn how Series 63 tests churning, front-running, unauthorized trading, insider trading, and manipulative conduct.
    • Vulnerable Adults and Customer Duty
      Study the customer-protection logic behind vulnerable-adult exploitation rules and related duty standards on Series 63.
  • Communication with Customers and Prospects
    Review books and records, customer-account information, privacy, communications rules, and the operational topics tested on Series 63.
    • Books, Records, and Customer Account Information
      Review account-record, recordkeeping, and customer-information rules tested in the communication domain of Series 63.
    • Communications with the Public and Privacy
      Study advertising, customer communications, and privacy rules that appear in Series 63 communication questions.
    • Options, Margin, and Operational Communications
      Learn why Series 63 includes options, margin, and operational disclosure topics inside the communication domain.
  • Regulation of Securities and Issuers
    Learn the Series 63 rules for securities definitions, the Howey test, state registration, exemptions, and issuer-offering basics.
    • Securities Definitions and the Howey Test
      Review how Series 63 tests whether an instrument is a security and when the Howey test matters.
    • Registration, Exemptions, and the Offering Process
      Study state securities registration, exemptions, notice filing, underwriters, and offering-process basics tested on Series 63.
  • Regulation of Investment Advisers
    Study the Series 63 rules that distinguish state and federal investment-adviser regulation, contracts, custody, and adviser privacy obligations.
    • State vs Federal Adviser Registration
      Review how Series 63 draws the line between state and federal investment-adviser registration and when adviser status matters.
    • Advisory Contracts, Custody, Records, and Privacy
      Study the adviser-side controls around contracts, custody, recordkeeping, and privacy that Series 63 may test.
  • Regulation of Investment Adviser Representatives
    Review the definition, registration standards, and state-law treatment of investment adviser representatives tested on Series 63.
    • IAR Definition and Registration
      Learn how Series 63 defines investment adviser representatives and when IAR registration questions are triggered.
    • IAR State Standards and Federal Covered Context
      Review how Series 63 tests IAR state standards, registration rules, and the effect of federal covered adviser status.
  • Remedies and Administrative Provisions
    Study administrator authority, investigations, orders, antifraud remedies, SIPC coverage, and liability provisions tested on Series 63.
    • Antifraud Authority, Investigations, and Orders
      Review the state administrator's antifraud authority, investigative powers, and order-making powers tested on Series 63.
    • Civil and Criminal Liability and SIPC
      Study liability for securities violations, private remedies, criminal exposure, and the limited role of SIPC on Series 63.
  • Series 63 Study Plan — A Practical State-Law Review Schedule
    A practical Series 63 study plan with a clear reading and review sequence for state law, registration rules, prohibited practices, and final revision.
  • NASAA Series 63 Cheat Sheet - Rules, Definitions, and Decision Workflows
    Series 63 cheat sheet (NASAA): registration triggers, securities definitions, exemptions, communications rules, remedies, and ethical practices with decision workflows and quick diagrams.
  • Series 63 Glossary — High-Yield State Law Terms
    A quick-reference glossary of high-yield Series 63 terms covering registration, exemptions, securities definitions, and prohibited practices.
  • Series 63 FAQ — Common Questions About Format, Registration, and Study Strategy
    Frequently asked questions about NASAA Series 63, including format, sponsorship, retakes, registration implications, and practical study use.
  • Series 63 Resources — Official Links, Enrollment Steps, and Exam References
    Official NASAA and FINRA resources for Series 63, including exam overview, content outlines, enrollment, scheduling, accommodations, and policy references.
• Series 65 Exam Guide, Study Plan & Practice Questions
  Series 65 exam guide focused on adviser-law obligations, product knowledge, recommendation logic, and official NASAA topic coverage.
  • Economic Factors and Business Information
    Review the economics, business information, accounting, analytical methods, and risk concepts tested in the first Series 65 domain.
    • Macroeconomics and Market Context
      Review business cycles, inflation, rates, policy, global factors, and economic indicators tested in the first Series 65 domain.
    • Financial Reporting and Accounting
      Learn how Series 65 tests financial statements, SEC filings, cash flow, and core accounting distinctions.
    • Analytical Methods and Risk
      Study time-value concepts, statistics, ratios, valuation tools, systematic and unsystematic risk, and capital-structure risk on Series 65.
  • Investment Vehicle Characteristics
    Study the product, valuation, liquidity, fee, and risk characteristics of the investment vehicles tested across the largest product section of Series 65.
    • Cash, Fixed Income, and Yield
      Review cash equivalents, bond types, bond characteristics, valuation factors, duration, credit spreads, and yield concepts on Series 65.
    • Equity Securities and Public Offerings
      Study common and preferred stock, shareholder rights, restricted stock, equity valuation, and public-offering basics tested on Series 65.
    • Pooled Investments, Fees, and Comparisons
      Review mutual funds, ETFs, UITs, REITs, private funds, share classes, pricing, fees, liquidity, and comparison factors tested on Series 65.
    • Derivatives, Alternatives, Insurance, and Digital Assets
      Study the risks, benefits, and defining characteristics of derivatives, alternatives, insurance-based products, commodities, and digital assets on Series 65.
  • Client Investment Recommendations and Strategies
    Learn how Series 65 tests client profiling, portfolio theory, planning strategies, taxes, retirement accounts, trading, and performance measurement.
    • Client Types, Profiles, and Behavior
      Review how Series 65 tests client type, client profiling, behavioral factors, data gathering, goals, risk tolerance, and time horizon.
    • Capital Market Theory and Portfolio Strategy
      Learn how Series 65 tests portfolio theory, asset allocation, diversification, active and passive styles, and strategy selection.
    • Tax, Retirement, and Special Accounts
      Study tax fundamentals, retirement plans, ERISA issues, education accounts, HSAs, and other special-account topics tested on Series 65.
    • Ownership, Estate Planning, Trading, and Performance
      Review ownership forms, estate techniques, trading mechanics, trading costs, and performance measures tested in the recommendation domain of Series 65.
  • Laws, Regulations, and Guidelines
    Review the Series 65 legal domain covering registration, communications, contracts, remedies, fiduciary duties, and unethical business practices.
    • Adviser and IAR Registration Framework
      Review the definitions, registration rules, federal covered adviser concepts, Form ADV, Form U4, and related framework tested on Series 65.
    • Broker-Dealer, Securities, and Remedies
      Study the broker-dealer boundary, securities and issuer regulation, administrator authority, and remedies tested in the legal domain of Series 65.
    • Communications, Contracts, and Disclosures
      Review adviser communications, contracts, disclosure obligations, advertising, and unlawful representations tested on Series 65.
    • Fiduciary Obligations, Compensation, Custody, and Conflicts
      Study fiduciary duty, compensation issues, custody, discretion, conflicts, privacy, cybersecurity, and business continuity tested in the largest legal section of Series 65.
  • Series 65 Study Plan — A Structured Adviser-Law Review Schedule
    A structured Series 65 study plan covering economics, products, portfolio recommendations, adviser law, and final review.
  • NASAA Series 65 Cheat Sheet - Formulas, Investment Vehicles, and Adviser Rules
    Series 65 cheat sheet (NASAA): economics, products, portfolio strategy, taxes, retirement plans, and adviser law/ethics with key formulas, workflows, and quick diagrams.
  • Series 65 Glossary — High-Yield Adviser and Product Terms
    A quick-reference glossary of high-yield Series 65 terms covering adviser law, investment products, suitability, and portfolio basics.
  • Series 65 FAQ — Common Questions About Format, Advisers, and Study Use
    Frequently asked questions about NASAA Series 65, including exam format, sponsorship, adviser registration implications, retakes, and study strategy.
  • Series 65 Resources — Official Links, Enrollment Steps, and Adviser-Law References
    Official NASAA and FINRA resources for Series 65, including exam overview, content outlines, enrollment, scheduling, accommodations, and exam-policy references.
• Series 66 Exam Guide, Study Plan & Practice Questions
  Series 66 exam guide focused on the combined state-law path, Series 7 co-requisite context, and official NASAA topic coverage.
  • Economic Factors and Business Information
    Review the analytical methods and business-information concepts that open the Series 66 exam.
    • Analytical Methods
      Review time-value concepts, statistics, and financial ratios tested in the analytical-methods domain of Series 66.
  • Investment Vehicle Characteristics
    Study the product, valuation, fee, liquidity, and risk characteristics of the investment vehicles tested on Series 66.
    • Cash, Fixed Income, and Equity Valuation
      Study cash equivalents, bond valuation, equity types, and equity valuation methods tested in the core product section of Series 66.
    • Pooled Investments and Fee Structures
      Review mutual funds, ETFs, UITs, REITs, private funds, share classes, pricing, and fee structures on Series 66.
    • Futures, Options, Alternatives, Insurance, and Digital Assets
      Learn how Series 66 tests product complexity, leverage, insurance features, alternative investments, and digital-asset risks.
  • Client and Customer Investment Recommendations and Strategies
    Learn how Series 66 tests client profiling, strategy selection, planning topics, trading, and performance measurement.
    • Client Types, Profiles, and Capital Market Theory
      Review client types, profile building, behavioral factors, and the portfolio-theory concepts that shape Series 66 recommendations.
    • Portfolio Strategy and Techniques
      Study asset allocation, active and passive styles, diversification, sector rotation, leveraging, and related strategy techniques on Series 66.
    • Tax, Retirement, and ERISA
      Learn how Series 66 tests tax-aware advice, retirement-plan structure, and ERISA-related recommendation issues.
    • Special Accounts, Estate Planning, Trading, and Performance
      Review special-account structures, ownership and estate planning, trading mechanics, trading costs, and performance measures tested on Series 66.
  • Laws, Regulations, and Guidelines
    Review the heavy legal domain on Series 66 covering advisers, IARs, broker-dealers, agents, communications, remedies, and unethical business practices.
    • Investment Advisers and IARs
      Learn how Series 66 tests adviser status, IAR status, state versus federal coverage, and the registration logic behind advisory activity.
    • Broker-Dealers, Agents, and Securities Registration
      Study the registration logic for broker-dealers, agents, securities, issuers, and exempt transactions tested in the legal domain on Series 66.
    • Remedies, Administrator Authority, and Communications
      Review state-administrator powers, investigations, orders, remedies, and the communication standards that Series 66 tests in mixed legal fact patterns.
    • Ethical Practices, Fiduciary Duties, and Client Protection
      Understand fiduciary duty, conflicts, custody, discretion, unethical business practices, and client-protection rules tested throughout Series 66.
  • Series 66 Study Plan — A Combined State Law and Adviser Review Schedule
    A structured Series 66 study plan covering investment knowledge, recommendation logic, state law, adviser rules, and final review.
  • NASAA Series 66 Cheat Sheet - Combined State Law Rules, Ethics, and Decision Workflows
    Series 66 cheat sheet (NASAA): combined state law decision workflows, registration triggers, disclosures, custody/discretion, prohibited practices, plus key investment formulas and strategy anchors.
  • Series 66 Glossary — High-Yield Combined Law and Recommendation Terms
    A quick-reference glossary of high-yield Series 66 terms covering state law, adviser regulation, investment recommendations, and ethics.
  • Series 66 FAQ — Common Questions About Co-Requisites, Format, and Study Strategy
    Frequently asked questions about NASAA Series 66, including exam format, Series 7 co-requisite treatment, sponsorship, retakes, and study use.
  • Series 66 Resources — Official Links, Co-Requisite Guidance, and Exam References
    Official NASAA and FINRA resources for Series 66, including exam overview, content outlines, enrollment, scheduling, accommodations, and validity references.