FINRA
Series63
Uniform Securities Agent
State Law Examination
, Question: 1
The Uniform Securities Act (USA) is
A. a body of laws governing the purchase and sale of securities within a single state.
B. a set of guidelines for individual states to follow when formulating their own securities’ laws.
C. a group of laws requiring state-issued securities, such as municipal bonds, to be registered with.
D. federal legislation that requires all states to adopt the same registration requirements for all.
Explanation: Answer: B
The Uniform Securities Act (USA) provides a model for states to follow when formulating their own
securities laws. It does not, itself, contain any laws.
Question: 2
Once you have passed the Series 63 examination, which entity must then approve your application to
sell securities?
A. FINRA
B. NASAA
C. SEC
D. the state administrator
Explanation: Answer: D
Once you have passed the Series 63 exam, it is the state administrator who can approve or deny your
registration. NASAA developed the Uniform Securities Agent State Law Examination and FINRA
administers it. The SEC is not a party to the state registration process.
Question: 3
Which of the following securities would not necessarily be exempt from state registration?
A. a stock listed on the Tokyo Stock Exchange
B. a bond guaranteed by the Canadian government
C. a bond issued by another state’s employees’ credit union
D. a stock listed as a NASDAQ National Market Issue.
Answer: A
Series63
Uniform Securities Agent
State Law Examination
, Question: 1
The Uniform Securities Act (USA) is
A. a body of laws governing the purchase and sale of securities within a single state.
B. a set of guidelines for individual states to follow when formulating their own securities’ laws.
C. a group of laws requiring state-issued securities, such as municipal bonds, to be registered with.
D. federal legislation that requires all states to adopt the same registration requirements for all.
Explanation: Answer: B
The Uniform Securities Act (USA) provides a model for states to follow when formulating their own
securities laws. It does not, itself, contain any laws.
Question: 2
Once you have passed the Series 63 examination, which entity must then approve your application to
sell securities?
A. FINRA
B. NASAA
C. SEC
D. the state administrator
Explanation: Answer: D
Once you have passed the Series 63 exam, it is the state administrator who can approve or deny your
registration. NASAA developed the Uniform Securities Agent State Law Examination and FINRA
administers it. The SEC is not a party to the state registration process.
Question: 3
Which of the following securities would not necessarily be exempt from state registration?
A. a stock listed on the Tokyo Stock Exchange
B. a bond guaranteed by the Canadian government
C. a bond issued by another state’s employees’ credit union
D. a stock listed as a NASDAQ National Market Issue.
Answer: A
