Series 63 Outline Checklist

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Official outline: NASAA - Series 63 Test Specifications (effective June 12, 2023). 60 scored questions, 75 min, pass: 43 of 60 correct (about 72%).

[ ] I. Regulation of Investment Advisers (5%, 3 questions)

• [ ] Who is an investment adviser under the Uniform Securities Act, and the exclusions (e.g., certain professionals whose advice is incidental).

Trap: Assuming everyone who talks about securities is an adviser; the exclusions are tested.

[ ] II. Regulation of Investment Adviser Representatives (5%, 3 questions)

• [ ] Who is an IAR and which activities require registration.

Trap: Mixing IAR registration with IA (firm) registration.

[ ] III. Regulation of Broker-Dealers (12%, 7 questions)

• [ ] Definition of a broker-dealer and who is excluded (e.g., agents, issuers, banks).
• [ ] Registration and post-registration requirements; supervision of agents.

Trap: Forgetting that a broker-dealer with no place of business in a state may be excluded when dealing only with certain clients.

[ ] IV. Regulation of Agents of Broker-Dealers (13%, 8 questions)

• [ ] Definition of an agent and the exclusions (e.g., representing an issuer in exempt transactions).
• [ ] Registration, transfers and updating uniform forms.

Trap: Treating a clerical employee who takes no orders as an agent.

[ ] V. Regulation of Securities and Issuers (9%, 5 questions)

• [ ] What is and is not a security; registration by qualification, coordination and notice filing.
• [ ] Exempt securities vs. exempt transactions.
• [ ] State antifraud and enforcement authority.

Trap: The most-tested confusion on the exam: exempt securities vs. exempt transactions. Antifraud rules apply to both.

[ ] VI. Remedies and Administrative Provisions (11%, 7 questions)

• [ ] The Administrator's powers: investigations, subpoenas, stop orders, denials, suspensions and revocations.
• [ ] Civil liability and criminal penalties.

Trap: Missing when a hearing is required before a final order.

[ ] VII. Communication with Customers and Prospects (20%, 12 questions)

• [ ] Required product disclosures and prohibited representations about registration.
• [ ] Performance guarantees are prohibited.
• [ ] Customer agreements for new, margin and options accounts; social media, email and websites.

Trap: Believing that registration means the Administrator approved the security or the agent; saying so is prohibited.

[ ] VIII. Ethical Practices and Obligations (25%, 15 questions)

• [ ] Compensation: fees, commissions, markups and disclosure.
• [ ] Custody, discretion and trading authorization.
• [ ] Conflicts of interest and other prohibited practices.

Trap: Treating discretion over time and price only as full discretion; it is not.

Checked against the official outline on 2026-09-23. FINRA and NASAA do not endorse SeriesPrepKit.

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