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Exempt security vs. exempt transaction: Security exemption = what it is; transaction exemption = how it is sold
Example: A US Treasury bond is an exempt security wherever it is sold. An unsolicited order for a non-exempt stock is an exempt transaction. Antifraud rules apply to both.
Is this person an agent?: Represents a broker-dealer or issuer in effecting securities transactions
Example: A receptionist who does not take orders is not an agent. Someone selling an issuer's non-exempt stock to the public is.
Is this firm an investment adviser?: Advice about securities + in the business + compensated
Example: A teacher of a general investing class, or a lawyer giving incidental advice, is typically excluded.
| Item | Number / rule | Source |
|---|---|---|
| Series 63 pass mark | 43 of 60 scored questions | FINRA - Series 63 Uniform Securities Agent State Law Exam |
| Exam format | 60 scored + 5 unscored, 75 minutes | FINRA - Series 63 Uniform Securities Agent State Law Exam |
| Heaviest sections | Ethical Practices 25%, Communications 20% | NASAA - Series 63 Test Specifications (effective June 12, 2023) |
| Retest waits | 30 / 30 / 180 days; third-failure wait becomes 60 days on Jan 4, 2027 | NASAA - Updated waiting period for Series 63, 65 and 66 retests (Aug 10, 2026) |
| Exam validity | 2 years before registration | NASAA - Exam FAQs |
| Fee | $147 | FINRA - Series 63 Uniform Securities Agent State Law Exam |
Verified 2026-09-23. Rules change; confirm on FINRA/NASAA before your exam. Study aid only; no reference materials are allowed in the test. FINRA and NASAA do not endorse SeriesPrepKit.
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