FINRA Series63 : Uniform Securities Agent State Law Examination

  • Exam Code: Series63
  • Exam Name: Uniform Securities Agent State Law Examination
  • Updated: Sep 11, 2026
  • Q & A: 251 Questions and Answers

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FINRA Series63 Exam Syllabus Topics:

SectionObjectives
Topic 1: State Securities Acts and Regulations- Registration of securities and exemptions
- Uniform Securities Act (USA) framework
Topic 2: Administrative Provisions and Enforcement- State enforcement powers and penalties
- Recordkeeping and reporting requirements
Topic 3: Regulation of Investment Advisers and Agents- Registration requirements for agents
- Broker-dealer regulation and supervision
Topic 4: Ethical Practices and Fiduciary Responsibilities- Disclosure obligations and client protection
- Prohibited practices and fraud prevention

FINRA Uniform Securities Agent State Law Examination Sample Questions:

Question #1

Fly-By-Night Investment Advisers has closed its doors.
Which of the following statements is true?

  • A. Fly-By-Night must send each of its former clients its records of all that client's transactions and communications with the firm over the past five years.
  • B. Fly-By-Night is required to shred all documentation of client transactions and communications.
  • C. Fly-By-Night must send all records of client transactions and communications to the state Administrator for safekeeping.
  • D. Fly-By-Night must preserve and maintain all records, including client transactions and communications, advertising materials, and financial statements of the now-defunct business for five years.
Reveal Solution  Discussion  0

Correct Answer: D  🗳️

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Question #2

Jeremy Sly considered himself somewhat of an inventor. The only problem was that his day job interfered with his opportunity to exercise his creativity. He came up with a plan to get outside investors to support his inventive activities. To this end, he produced and distributed a brochure advertising partnership interests with a guaranteed return on investment of at least 15% after the first 12 months, based on what he had allegedly generated from his other (non-existent) inventions.
Given these facts, is Jeremy guilty of any security violations under the Uniform Securities Act (USA)?

  • A. No. The facts don't indicate whether any partnership interests were actually sold, and there can be no violation unless there is a sale.
  • B. No. An interest in a partnership is not considered a security.
  • C. No. It is not against the law to believe in oneself and promote one's ideas.
  • D. Yes. Even an "offer" to sell securities must not contain any untruths.
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Correct Answer: D  🗳️

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Question #3

Which of the following is not considered to be a security, as defined by the Uniform Securities Act (USA)?

  • A. an annuity contract wherein an insurance company promises to pay a fixed sum, either in a lump amount or through periodic payments.
  • B. a certificate of deposit (CD)
  • C. a put option
  • D. a debenture
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Correct Answer: A  🗳️

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Question #4

Individual states are prohibited from requiring a broker-dealer or investment adviser to file financial reports more frequently than:

  • A. once a year.
  • B. twice a year.
  • C. twelve times a year.
  • D. four times a year.
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Correct Answer: D  🗳️

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Question #5

Mr. Bigwig, CEO of HiGrowth Corporation, meets with the president of BigFee Investment Bankers and arranges for BigFee to underwrite an Initial Public Offering (IPO) for the firm. When the IPO comes to market, GetErDone Broker-Dealers is part of the selling group, which handles the sale of the stock to the public.
In this scenario, which party is the broker?

  • A. BigFee Investment Bankers
  • B. HiGrowth Corporation
  • C. GetErDone Broker-Dealers
  • D. Mr. Bigwig
Reveal Solution  Discussion  0

Correct Answer: C  🗳️

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