🧾 Series 66 and State Registration Requirements

The Series 66 exam, officially known as the Uniform Combined State Law Examination, is designed to qualify individuals as both securities agents and investment adviser representatives (IARs). Understanding the exam’s structure and the associated state registration requirements is crucial for those pursuing a career in the securities industry.

📘 Overview of the Series 66 Exam

• Administered by: Financial Industry Regulatory Authority (FINRA) on behalf of the North American Securities Administrators Association (NASAA)
• Purpose: Combines the Series 63 and Series 65 exams to streamline the licensing process for professionals acting as both securities agents and IARs
• Exam Structure:
  • 100 scored multiple-choice questions
  • 10 unscored pretest questions
  • 150-minute time limit
  • Passing score: 73% (73 correct answers out of 100)

🧑‍💼 Prerequisites and Co-requisites

• Securities Industry Essentials (SIE) Exam: Must be passed prior to or in conjunction with the Series 7 exam
• Series 7 Exam: Must be passed prior to or in conjunction with the Series 66 exam
• Series 66 Exam: Can be taken without firm sponsorship; however, passing both the Series 7 and Series 66 exams is required for registration as a securities agent and IAR

🏛️ State Registration Requirements

After passing the necessary exams, individuals must register with the appropriate state securities regulators. The registration process varies depending on whether the professional is affiliated with a firm or registering independently.

For Firm-Affiliated Individuals

• Form U4 Submission: The employing firm submits Form U4 through FINRA’s Central Registration Depository (CRD) system
• Background Checks: Includes fingerprinting and disclosure of any criminal history or financial issues
• State Approval: Each state reviews the application and grants registration upon approval

For Independent Individuals

• Form U10 Submission: Individuals not affiliated with a firm submit Form U10 directly to FINRA
• Exam Enrollment: Allows for self-enrollment in the Series 66 exam
• State Registration: After passing the exam, individuals must apply for registration with each state in which they intend to conduct business

📄 Registration Process

1. Determine Eligibility: Ensure completion of the SIE and Series 7 exams
2. Submit Appropriate Form:
   • Form U4: For those affiliated with a FINRA-member firm
   • Form U10: For independent candidates
3. Schedule the Exam: Upon approval, schedule the Series 66 exam through Prometric within the 120-day enrollment window
4. Pass the Exam: Achieve a score of at least 73%
5. Complete State Registration: Submit necessary documentation and fees to each state where business will be conducted

🔄 Maintaining Registration

• Continuing Education (CE): IARs are subject to ongoing CE requirements as mandated by NASAA’s model rule on IAR Continuing Education
• Annual Renewals: Registrations must be renewed annually, with fees paid to each state regulator
• Compliance: Adherence to both federal and state securities laws and regulations is mandatory to maintain good standing

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