NASAA Series 63 Syllabus — Topic Weights & Learning Objectives

NASAA Series 63 syllabus mapped to topic weights with clear learning objectives. Use it as a checklist and map practice questions to outcomes.

Use this page as your blueprint-aligned checklist. It’s generated from our curriculum data so it stays in sync as outlines evolve. Work in weight order, then drill until you can explain why the wrong answers are wrong.

Open Series 63 practice Study plan Cheat sheet

What’s covered

Topic I — Regulations of Investment Advisers, Including State-Registered and Federal Covered Advisers (5%)
Topic II — Regulations of Investment Adviser Representatives (5%)
Topic III — Regulations of Broker-Dealers (12%)
Topic IV — Regulations of Agents of Broker-Dealers (13%)
Topic V — Regulations of Securities and Issuers (9%)
Topic VI — Remedies and Administrative Provisions (11%)
Topic VII — Communication with Customers and Prospects (20%)
Topic VIII — Ethical Practices and Obligations (25%)

Topic I — Regulations of Investment Advisers, Including State-Registered and Federal Covered Advisers (5%)

Investment Adviser Definitions and Scope (Topic I.1)

Define an investment adviser at a high level and identify the core elements: providing advice about securities, being in the business, and receiving compensation.
Differentiate advisory activity from brokerage activity at a high level, including the concept that broker-dealer advice can be excluded when it is incidental and not separately compensated.
Identify common types of advisory services that can trigger investment adviser status (portfolio management, financial planning tied to securities, investment reports) at a high level.
Recognize that compensation can be direct or indirect (fees, commissions, wrap fees) and that compensation structures can affect regulatory classification at a high level.
Differentiate impersonal general education from individualized advice at a high level and explain why personalization can trigger adviser obligations.
Differentiate state-registered advisers from SEC-registered/federal covered advisers at a high level and explain how the distinction affects state regulatory authority.

IA Registration, Federal Covered Advisers, and Exclusions (Topic I.1.1)

Identify activities that generally require state investment adviser registration (advisory business with clients in the state or a place of business) at a high level.
Identify common exclusions or exemptions from state investment adviser registration (e.g., broker-dealer exclusion, publishers, certain professionals) at a high level without relying on numeric thresholds.
Explain the concept of a federal covered adviser and the state’s typical ability to require notice filings and fees at a high level.
Differentiate SEC registration eligibility concepts from state registration concepts at a high level (state vs federal responsibilities under the Investment Advisers Act).
Identify key IA obligations often tested at a high level: advisory contract basics, custody concept, recordkeeping expectations, and privacy obligations.
Recognize consequences of acting as an unregistered adviser (administrative actions, civil/criminal liability) at a high level.

Topic II — Regulations of Investment Adviser Representatives (5%)

Investment Adviser Representative Definition and Role (Topic II.1)

Define an investment adviser representative (IAR) at a high level and differentiate it from the investment adviser entity.
Identify typical IAR activities (soliciting clients, giving advice, managing accounts, supervising supervised persons) at a high level.
Differentiate IAR activity from broker-dealer agent activity at a high level and recognize common dual registration scenarios.
Identify who is generally excluded from IAR status (clerical or administrative roles) at a high level.
Explain why IAR regulation focuses on the individual’s place of business and customer-facing activities at a high level.
Identify high-level conduct expectations for IARs (standard-of-care and conflict-disclosure themes) at a high level.

IAR Registration Triggers, Exclusions, and Filing Updates (Topic II.1.1)

Determine, at a high level, when an IAR must register in a state (place of business and client interactions) without relying on numeric thresholds.
Differentiate how IAR registration works for state-registered advisers versus federal covered advisers at a high level.
Identify core information captured on uniform registration forms for IARs at a high level and explain why accurate disclosures matter.
Identify common events that trigger updates to uniform forms (disciplinary events, criminal actions, customer complaints, outside business activities) at a high level.
Explain state qualification themes for IAR registration (exams, background, statutory disqualifications) at a high level.
Recognize consequences of acting as an unregistered IAR or failing to update disclosures (denial/suspension, enforcement) at a high level.

Topic III — Regulations of Broker-Dealers (12%)

Broker-Dealer Definitions and Core Concepts (Topic III.1)

Define a broker-dealer at a high level and identify core activities: effecting transactions for others (broker) or for one’s own account (dealer).
Differentiate broker and dealer roles at a high level and explain why principal versus agency capacity affects duties and disclosures.
Identify common activities that indicate “effecting transactions” (solicitation, taking orders, handling customer accounts) at a high level.
Identify common exclusions from the broker-dealer definition (e.g., certain issuers, banks) at a high level.
Differentiate broker-dealer activity from investment adviser activity at a high level, including brokerage incidental advice versus advisory services.
Explain why state broker-dealer registration is tied to doing business with residents of the state or having a place of business at a high level.
Recognize that broker-dealer registration does not imply state approval or endorsement and why representations about registration are restricted.

Broker-Dealer Registration and Post-Registration Requirements (Topic III.2)

Identify the purpose of broker-dealer registration under federal and state law at a high level (transparency, supervision, investor protection).
Identify key broker-dealer registration filings at a high level (Form BD, fees, consents) and why complete disclosures matter.
Explain the concepts of registration effectiveness, renewal, and termination for broker-dealers at a high level.
Identify ongoing reporting and amendment expectations for broker-dealers at a high level (material changes and updating filings).
Recognize that broker-dealers must establish supervisory systems and written procedures at a high level and why regulators evaluate controls.
Identify high-level recordkeeping obligations applicable to broker-dealers (books and records creation and retention) and why state exams may test SEC/FINRA rules.
Recognize that broker-dealers must supervise associated persons and communications with the public at a high level.
Identify high-level restrictions on paying compensation related to securities transactions to unregistered persons and why it matters.
Recognize that broker-dealer registration can be denied, suspended, or revoked based on statutory disqualifications or unethical practices at a high level.

Registration Triggers and Exclusions (Topic III.2.1)

Determine when an out-of-state firm is considered to be doing business in a state for broker-dealer registration purposes at a high level.
Recognize that solicitation and transaction activity with state residents can trigger broker-dealer registration even without a physical office at a high level.
Identify high-level examples of activities that may be excluded from broker-dealer registration (limited or isolated activity) without relying on numeric thresholds.
Recognize that broker-dealer registration is separate from securities registration and exemptions (exempt securities do not automatically exempt the firm) at a high level.
Explain, at a high level, why using an unregistered broker-dealer can create rescission risk and enforcement exposure.
Recognize common red flags indicating unregistered broker-dealer activity (transaction-based compensation, active solicitation) at a high level.

Broker-Dealer Supervision Standards (Topic III.3)

Explain the purpose of broker-dealer supervision requirements at a high level (supervisory systems to prevent and detect violations).
Identify high-level supervision controls over sales practices and recommendations (review of suitability and best-interest themes).
Identify high-level supervision expectations for public communications and advertising (review, approval, recordkeeping) at a high level.
Explain why outside accounts and activities can create conflicts and how supervision addresses them at a high level.
Recognize escalation and reporting expectations for suspected misconduct (fraud, manipulation, unauthorized trading) at a high level.
Identify how supervision and recordkeeping support regulatory examinations and customer dispute resolution at a high level.

Topic IV — Regulations of Agents of Broker-Dealers (13%)

Agent Definition and Role (Topic IV.1)

Define an agent of a broker-dealer at a high level and identify core activities (soliciting or effecting securities transactions for customers).
Differentiate an agent from the broker-dealer firm at a high level and explain why natural persons register separately from firms.
Identify the concept of association with a registered broker-dealer and why an agent’s authority is tied to the firm relationship at a high level.
Identify common exclusions from the agent definition (clerical or ministerial functions) at a high level.
Differentiate a broker-dealer agent from an investment adviser representative at a high level and recognize when advisory activity can trigger IAR status.
Recognize that an agent’s registration is state-based and can be required in multiple states depending on business activity at a high level.
Explain why agent registration does not imply competence approval or endorsement and why claims about registration are restricted.
Identify that agents are subject to antifraud and unethical practice standards even in exempt transactions at a high level.

Agent Registration and Post-Registration Requirements (Topic IV.2)

Identify key agent registration filings at a high level (Form U4, fees, disclosures) and explain why full, accurate answers matter.
Explain the concepts of registration effectiveness, renewal, and termination for agents at a high level.
Identify state qualification themes for agent registration (exams, background, statutory disqualifications) at a high level without relying on jurisdiction-specific details.
Recognize that agents must act under supervision and comply with firm policies and applicable rules at a high level.
Identify high-level restrictions on transaction-based compensation to unregistered persons and how that affects referral arrangements.
Identify high-level rules around agents maintaining accounts at other broker-dealers and required notifications/approvals.
Recognize recordkeeping and communications obligations that apply to agents through the broker-dealer at a high level.
Identify consequences of failing to maintain registration status (suspension, denial, enforcement) at a high level.

Activities Requiring Registration and Exclusions (Topic IV.2.1)

Determine when an agent must register in a state based on place of business or transactions with residents at a high level.
Recognize that solicitation (attempting to effect transactions) can trigger agent status even if no trade ultimately occurs at a high level.
Differentiate limited institutional interactions from retail solicitation at a high level and recognize that exemptions can be narrow and fact-dependent.
Recognize that selling exempt securities does not necessarily exempt an agent from registration requirements at a high level.
Identify high-level scenarios where issuer personnel may be acting as agents (compensated sales of securities) and explain why this matters.
Recognize that transacting through an unregistered agent can create rescission risk and enforcement exposure at a high level.
Identify common red flags of unregistered agent activity (transaction-based compensation, “finder” behavior, sales of private placements) at a high level.
Recognize that dual roles (agent and IAR) can create registration obligations for both lines of business at a high level.

Updating Uniform Forms and Disclosures (Topic IV.2.2)

Identify the general obligation to amend uniform registration forms when material information changes (address, name, employment, disclosures) at a high level.
Identify categories of reportable events typically disclosed on uniform forms (criminal actions, regulatory actions, civil judgments, customer complaints) at a high level.
Explain why timeliness and accuracy of updates matter for regulators and firm supervision at a high level.
Recognize that omissions or misstatements on registration forms can be treated as dishonest or unethical practices at a high level.
Identify disclosure themes for outside business activities and private securities transactions and why firms require notice and approvals at a high level.
Recognize that certain events can trigger statutory disqualification or restrictions on registration status at a high level.

Topic V — Regulations of Securities and Issuers (9%)

Securities and Issuer Definitions (Topic V.1)

Define a security at a high level and recognize that the definition includes many instruments beyond stocks and bonds.
Define an issuer at a high level and explain why issuer status matters for registration and antifraud analysis.
Apply the Howey test at a high level to determine whether an arrangement is an investment contract (and therefore a security).
Differentiate common non-security arrangements from securities at a high level (pure commercial loans, insurance, collectibles) and explain why facts and substance matter.
Recognize that states can treat some instruments differently based on economic reality and anti-evasion principles at a high level.
Identify that federal concepts (e.g., federal covered securities) can affect state registration requirements at a high level.

State Registration Methods and Requirements (Topic V.2)

Differentiate registration by qualification, coordination, and notification at a high level and identify the typical use case for each.
Identify information commonly required in a state securities registration filing at a high level (issuer, offering terms, financial information, disclosures).
Explain the concepts of effective registration, amendments, and stop orders at a high level.
Identify post-registration concepts at a high level (renewals, updates, and continued compliance) without relying on numeric timelines.
Recognize the role of underwriters and broker-dealers in distributing securities and the importance of reasonable due diligence at a high level.
Explain notice filing concepts at a high level and why certain securities may require notices and fees even when exempt from full registration.

Exemptions from Registration (Topic V.3)

Differentiate exempt securities from exempt transactions and explain why the distinction matters.
Identify common examples of exempt securities at a high level (U.S. government securities, municipal securities, certain bank-related instruments).
Identify common examples of exempt transactions at a high level (isolated nonissuer trades, unsolicited orders, certain private offerings).
Recognize that antifraud provisions apply regardless of whether an offering is exempt from registration.
Recognize that exemptions often have conditions and limitations (who may participate, marketing constraints) at a high level.

State Enforcement and Antifraud Authority (Topic V.4)

Explain the scope of state antifraud authority over offers and sales of securities at a high level (misstatements, omissions, deceptive practices).
Recognize state authority to investigate offerings and impose remedies when fraud is suspected at a high level.
Identify that the administrator can take action against unregistered offerings and improper exemption claims at a high level.
Recognize that enforcement can apply to issuers, broker-dealers, agents, and other participants in the distribution chain at a high level.

Topic VI — Remedies and Administrative Provisions (11%)

Administrator Authority and Investigations (Topic VI.1)

Identify the primary role of the state securities administrator in administering and enforcing state securities law.
Explain the administrator’s authority to adopt rules and issue interpretive orders at a high level.
Explain the administrator’s authority to conduct investigations and examinations of regulated persons and records at a high level.
Identify high-level investigative tools (subpoenas, testimony, document production) and why they support enforcement.
Recognize that the administrator can share information with other regulators and law enforcement at a high level.
Identify authority to require registration filings, reports, and consents (e.g., consent to service of process) at a high level.
Recognize federal preemption concepts that can limit state authority in specific areas at a high level.
Identify why jurisdiction can attach based on offers made to state residents or acts occurring in the state at a high level.
Recognize the importance of cooperation and truthful responses in regulatory inquiries and the consequences of obstruction at a high level.
Explain the purpose of administrative authority: preventing harm and maintaining fair markets at a high level.

Administrative Actions and Orders (Topic VI.2)

Differentiate denial, suspension, revocation, and conditioning of registrations at a high level.
Identify common grounds for administrative actions (fraud, unethical practices, failure to supervise, insolvency, statutory disqualification) at a high level.
Explain cease-and-desist orders at a high level and when they may be used to stop ongoing violations.
Recognize emergency orders and the concept of acting quickly to prevent imminent harm at a high level.
Differentiate actions affecting persons (broker-dealers, agents, advisers) from actions affecting offerings (stop orders, registration actions) at a high level.
Identify notice and hearing concepts (due process) at a high level and why respondents can contest administrative actions.
Recognize the concept of administrative fines and restitution-like remedies at a high level.
Explain the importance of documentation and record retention in defending against or supporting administrative actions at a high level.

Civil/Criminal Liability, Private Remedies, and SIPC (Topic VI.3)

Differentiate civil liability, criminal liability, and administrative enforcement at a high level.
Identify private remedies for purchasers (rescission or damages) at a high level and what generally must be shown.
Recognize liability concepts for selling unregistered securities or acting as an unregistered person at a high level.
Recognize control-person and secondary liability concepts (aiding and abetting) at a high level.
Explain statutes of limitation and discovery concepts in securities claims at a high level without relying on specific time periods.
Explain SIPC coverage at a high level: what customer account assets may be protected and what is not covered (e.g., market losses).
Recognize that arbitration, mediation, and litigation can be forums for resolving disputes, and that regulatory enforcement is separate from private claims.

Topic VII — Communication with Customers and Prospects (20%)

Required Product Disclosures and Customer Information (Topic VII.1)

Apply the principle that communications and recommendations must disclose material facts and risks and must not omit information that makes statements misleading.
Identify common categories of material disclosures in securities sales (risks, liquidity, costs, conflicts) at a high level.
Recognize that disclosure obligations apply in both oral and written communications at a high level.
Identify high-level disclosures associated with investment company products (fees/expenses, sales charges, share classes) and why they matter.
Identify high-level disclosures associated with variable contracts (market risk, fees, surrender charges, insurance guarantees and limits) and why they matter.
Explain why recommendations should consider the customer’s investment profile and disclosed constraints (time horizon, risk tolerance, liquidity) at a high level.
Recognize that conflicts of interest must be disclosed and managed and that compensation can influence recommendations at a high level.
Identify requirements to provide or make available offering documents (prospectus and options disclosures where applicable) at a high level and explain why customers need them.
Identify privacy and safeguarding expectations for customer information (e.g., Regulation S-P concepts) and explain why they affect communications at a high level.
Recognize that disclosures must be understandable and not buried in fine print, and that disclaimers do not cure false statements.
Identify high-level themes in disclosures for advisory or wrap-fee arrangements (services provided, fees, conflicts) and explain why clarity matters.
Recognize that material events or changes in product terms can require updated disclosures at a high level.

Prohibited Representations and Guarantees (Topic VII.2–3)

Recognize that it is unlawful to represent that registration implies state approval, endorsement, or a guarantee of competence.
Identify prohibited statements implying that a regulator has reviewed, approved, or recommended a security or strategy at a high level.
Recognize the prohibition on guaranteeing performance or stating that losses cannot occur, and identify common “promissory” language patterns.
Differentiate discussion of historical performance from implied guarantees and explain why context and risk disclosure are required at a high level.
Identify misleading omission risk: even true statements can be fraudulent if they omit material facts needed to prevent misunderstanding.
Recognize misrepresentations about costs (fees, loads, markups) as an unethical practice and explain why cost disclosure is central to customer decision-making.
Recognize misrepresentations about liquidity, surrender charges, or restrictions as an unethical practice at a high level.
Identify high-level restrictions on misleading titles, credentials, or claims of special access and explain why they can deceive customers.
Recognize that communications about the registration status of agents and broker-dealers must be accurate and not misleading at a high level.
Explain why “risk-free” or “guaranteed” claims require careful qualification and, in many cases, are prohibited in retail sales communications.

Customer Agreements: New Account, Margin, and Options (Topic VII.4)

Identify common purposes of a new account agreement (customer identity, account registration, authorizations, disclosures) at a high level.
Recognize that customer agreements cannot waive compliance with securities laws or limit antifraud protections at a high level.
Differentiate discretionary authority from trading authorization at a high level and identify documentation and supervision expectations for each.
Explain margin account concepts at a high level: borrowing to purchase securities, interest charges, and collateralization.
Identify key margin risks (amplified losses, forced liquidation) and explain why customers must be informed at a high level.
Explain, at a high level, why margin calls occur and the firm’s rights under a margin agreement.
Identify options account documentation themes at a high level (approval process, customer acknowledgments, delivery of options disclosure documents).
Differentiate basic option positions at a high level (calls vs puts; long vs short) and explain why obligations and risk differ.
Explain intrinsic value versus time value at a high level and why option valuation is time- and volatility-sensitive.
Recognize suitability and standard-of-care considerations for recommending margin or options given a customer’s profile at a high level.
Identify the purpose of confirmations and account statements and explain why they support customer oversight and error detection at a high level.
Identify record retention themes for account agreements and related communications at a high level.

Correspondence, Advertising, and Digital Communications (Topic VII.5)

Differentiate correspondence from retail communications and institutional communications at a high level and explain why review requirements differ.
Identify high-level standards for communications: fair and balanced, not misleading, and supported by a reasonable basis for claims.
Recognize that advertising content may require firm approval and supervision before use and that records must be retained at a high level.
Identify books-and-records requirements for communications with customers (including electronic records) at a high level and explain why retention supports supervision.
Recognize supervision considerations for social media, including the difference between static content and interactive engagement at a high level.
Identify recordkeeping and supervision considerations for email and digital messaging (texts, chat) at a high level.
Recognize that websites and internet communications are treated as communications with the public and must meet the same antifraud standards at a high level.
Identify restrictions on testimonials, endorsements, or third-party rankings when used in a misleading way, and the need for context at a high level.
Recognize that performance presentations must be fair, not cherry-picked, and include appropriate context and risk disclosure at a high level.
Identify restrictions on options-related advertising and the need for balanced risk disclosure when options are referenced at a high level.
Recognize that privacy and cybersecurity practices affect digital communications, including protecting customer information at a high level.
Identify considerations for maintaining and producing records during regulatory examinations or customer disputes at a high level.

Topic VIII — Ethical Practices and Obligations (25%)

Compensation: Fees, Commissions, Markups, and Disclosure (Topic VIII.1)

Differentiate fees, commissions, and markups/markdowns and identify how each can affect a customer’s net outcome at a high level.
Differentiate agency transactions from principal transactions at a high level and explain how compensation is earned and disclosed in each.
Explain the concept of a markup/markdown and why fair pricing standards apply to principal trades at a high level.
Recognize that excessive or unfair markups and commissions can be unethical and may violate fair pricing principles at a high level.
Identify disclosure expectations for compensation and conflicts of interest, including when compensation varies by product or share class, at a high level.
Recognize that transaction-based compensation can be a red flag for unregistered broker-dealer activity and improper “finder” arrangements at a high level.
Identify restrictions on sharing securities-related compensation with unregistered persons and explain why this protects investors at a high level.
Explain wrap-fee and advisory fee concepts at a high level and why customers must understand what services are included.
Recognize how breakpoints and discount programs can affect mutual fund sales charges at a high level and why failure to apply them can be unethical.
Identify compensation-related conflicts (sales contests, differential compensation, revenue sharing) and explain why disclosure and mitigation matter at a high level.
Recognize that “free” or “no-cost” claims can be misleading when other fees apply and explain why total cost must be considered at a high level.
Explain, at a high level, the relationship between costs and expected outcomes in the context of best-interest and suitability considerations.
Recognize that compensation disclosure should be clear and understandable, not hidden in dense language, at a high level.
Identify why documenting cost comparisons and recommendation rationale supports ethical recommendations and supervision at a high level.

Customer Funds and Securities: Custody, Discretion, Authorization, Standard of Care (Topic VIII.2)

Define custody of customer funds or securities at a high level and recognize why custody controls are central to investor protection.
Recognize improper handling of customer checks or securities (conversion, commingling) as unethical and potentially criminal at a high level.
Differentiate discretionary authority from non-discretionary trading at a high level and identify documentation and supervision expectations for discretion.
Differentiate trading authorization (limited authority) from full power of attorney at a high level and explain why scope matters.
Recognize unauthorized trading as a serious violation and identify common fact patterns (no authorization, exceeding scope, falsified approvals) at a high level.
Explain the standard-of-care concept for broker-dealer agents at a high level, including suitability and best-interest themes.
Identify core suitability concepts at a high level: reasonable basis, customer-specific fit, and avoiding excessive trading.
Explain Regulation Best Interest (Reg BI) at a high level, focusing on disclosure, care, conflicts, and compliance themes.
Recognize that a recommendation to hold or to open/close an account type can be a recommendation and should be supported by the customer profile at a high level.
Identify KYC and customer investment profile elements used to evaluate recommendations at a high level (objectives, risk tolerance, time horizon, liquidity).
Recognize the importance of updating customer information when circumstances change and how this can affect the appropriateness of recommendations at a high level.
Identify supervision expectations around discretionary accounts, including monitoring for suitability and unauthorized activity at a high level.
Recognize that borrowing, lending, gifts, or other financial arrangements with customers can create conflicts and may be restricted at a high level.
Identify privacy and confidentiality obligations related to customer information and explain why misuse of customer information is unethical at a high level.
Recognize the need to maintain authorization records and account documentation to support customer instructions and dispute resolution at a high level.
Identify high-level obligations to respond to customer complaints and to document and escalate complaints through firm processes.
Recognize special considerations for vulnerable adults, including heightened risk of exploitation and the need for escalation at a high level.
Explain why Uniform Prudent Investor Act concepts can inform standard-of-care expectations (prudence, diversification, reasonable strategy) at a high level.

Conflicts, Prohibited Practices, and Market Misconduct (Topic VIII.3)

Define churning (excessive trading) at a high level and identify common elements: control or influence, excessive activity, and intent to generate commissions.
Recognize quantitative and qualitative indicators of excessive trading at a high level (turnover, cost-to-equity, pattern of short-term trading).
Define front-running at a high level and explain why trading ahead of customer orders is unethical and potentially illegal.
Recognize unauthorized trading and misrepresentation as unethical practices distinct from poor performance outcomes at a high level.
Explain insider trading at a high level: trading on material nonpublic information in breach of a duty of trust or confidence.
Differentiate insider trading “tipping” and tippee liability concepts at a high level.
Identify common sources of material nonpublic information (corporate insiders, deal information, customer order flow) at a high level.
Define selling away/private securities transactions at a high level and explain why firm notice and approval is typically required.
Recognize that participating in unapproved private offerings can create conflicts, supervision failures, and investor harm at a high level.
Identify market manipulation concepts at a high level (wash trades, matched orders, pump-and-dump, marking the close).
Define spoofing or layering at a high level and explain why placing orders without intent to execute is manipulative.
Recognize the prohibition on misleading statements or omissions in connection with the offer or sale of securities as a core antifraud principle.
Identify conflict-of-interest situations and the expectation to disclose and manage conflicts (self-dealing, compensation incentives) at a high level.
Recognize restrictions on borrowing from or lending to customers and explain why such loans can create exploitation risk at a high level.
Recognize restrictions and disclosure requirements for sharing in profits and losses in a customer account at a high level.
Identify why guarantees to customers (e.g., making customers whole) can create ethical and regulatory issues at a high level.
Recognize requirements and restrictions related to outside securities accounts and explain why firm supervision is required at a high level.
Recognize outside business activity conflicts and explain why disclosure and approval are needed at a high level.
Identify red flags of financial exploitation of vulnerable adults at a high level (pressure, unusual withdrawals, sudden changes, new third parties).
Recognize the purpose of escalation and reporting mechanisms for suspected exploitation and how regulators seek to protect specified adults at a high level.
Recognize that forgery or falsification of documents or customer instructions are dishonest practices with severe consequences at a high level.
Identify that certain criminal, regulatory, or civil events can affect eligibility for registration and can trigger administrative actions at a high level.
Recognize that failing to supervise or ignoring red flags can be an ethical violation and a basis for sanctions at a high level.
Identify the broad category of “other prohibited activities” and apply the principle that conduct that is deceptive or inconsistent with customer interests can be unethical under state law at a high level.

Prefer to practice first?

Interactive Practice Center

Start a practice session for Series 63 Exam below, or open the full app in a new tab. For the best experience, open the full app in a new tab and navigate with swipes/gestures or the mouse wheel—just like on your phone or tablet.

Open Full App in a New Tab

A small set of questions is available for free preview. Subscribers can unlock full access by signing in with the same account used on mobile.

Prefer to practice on your phone or tablet? Download the Securities Prep app:

Securities Prep iOS app QR code (United States)

Scan for iOS (United States)

Securities Prep Android app QR code (United States)

Scan for Android (United States)

iOS: United States · Canada
Android: United States · Canada

If you already subscribe in the mobile app, use the same Email/Password on web to continue on desktop.

Study Plan

Cheat Sheet