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Finra Series-63 Exam Questions
- Topic 1: Definitions of Investment Advisers: This section of the exam measures the skills of compliance officers and covers the definitions of investment advisers, including activities that require registration and exclusions from registration. It focuses on understanding the roles and responsibilities of investment advisers and how they are regulated.
- Topic 2: Regulations of Investment Adviser Representatives: This section of the exam measures the skills of investment adviser representatives and covers the definition of an investment adviser representative, activities requiring registration, and exclusions from registration. It emphasizes the importance of registration for individuals providing advisory services.
- Topic 3: Regulations of Broker-Dealers: This section of the exam measures the skills of broker-dealer managers and covers the definition of a broker-dealer, registration, and post-registration requirements, and activities that require registration. It also includes the supervision of broker-dealer agents, highlighting the regulatory framework for broker-dealers.
- Topic 4: Regulations of Agents of Broker-Dealers: This section of the exam measures the skills of the target audience and covers the definition of an agent of a broker-dealer, registration and post-registration requirements, and activities that require registration. It includes updating uniform forms and understanding exclusions from registration.
- Topic 5: Regulations of Securities and Issuers: This section of the exam measures the skills of Investment analysts and covers the definition of securities and issuers, state registration and post-registration requirements, exemptions from registration, and state enforcement and antifraud authority. It focuses on understanding how securities are regulated at the state level.
- Topic 6: Remedies and Administrative Provisions: This section of the exam measures the skills of regulatory specialists and covers administrative actions, other penalties, and liabilities related to securities violations. It emphasizes the legal and administrative processes involved in enforcing securities regulations.
- Topic 7: Communication with Customers and Prospects: This section of the exam measures the skills of the target professionals in product disclosures, unlawful representations concerning broker-dealer agent registration, performance guarantee prohibition, customer agreements, and correspondence and advertising regulations. It includes social media, email/digital messaging, and website communications.
- Topic 8: Ethical Practices and Obligations: This section of the exam measures the skills of Compliance Officers and covers compensation structures such as fees and commissions, customer funds and securities management, conflicts of interest, and other ethics issues like excessive trading and insider trading. It emphasizes the importance of maintaining ethical standards in the securities industry.
Free Finra Series-63 Exam Actual Questions
Note: Premium Questions for Series-63 were last updated On May. 25, 2026 (see below)
MoeMoney Investment Advisers uses the services of two broker-dealers exclusively when it executes trades for its clients' accounts. The larger of the two broker-dealers provides MoeMoney with research from its analyst department in return for the business and also serves as the custodian for some of MoeMoney's clients' accounts. The smaller of the two broker-dealers picks up the utility bill for MoeMoney. MoeMoney is careful to disclose this form of ''soft dollar'' compensation to its clients.
Is it in violation of any securities laws?
Yes. MoeMoney is in violation of securities laws in accepting payment of its utility bills for directing business to the smaller broker-dealer because this form of soft dollar compensation is prohibited. Some forms of soft dollar compensation are permitted, such as the research and custodial services MoeMoney receives from the larger broker-dealer, but the payment of any office overhead expense is not. Allowed soft dollar compensation is deemed to benefit both the investment adviser and its clients; soft dollars that seem to benefit only the adviser are not allowed.
Your client calls you with a market order to purchase 500 shares of the stock of Oracle and asks when payment will be due. If today is Wednesday, September 15th, you inform the client that payment is due on
If your client places an order to purchase 500 shares of Oracle on the open market on Wednesday, September 15th, payment will be due on Monday, September 20th. The settlement date for stock transactions is T + 3, which means the third business day after the trade. Saturday is not a business day.
Erin is a registered agent who works for SecureMoney Brokers-dealers. One of her clients, Mrs. McTurk, is a recently-widowed woman who relies on Erin for advice about her investment portfolio. Mrs. McTurk reminds Erin of her own grandmother, and she is happy to provide guidance within the sphere of her own knowledge.
Based on these facts, which of the following statements is true?
Neither SecureMoney Broker-dealers nor Erin must register as an investment adviser based on the facts provided since neither the broker-dealer nor Erin is receiving any compensation for the advice Erin is giving Mrs. McTurk. In this instance, the advice provided is considered incidental to the broker-dealer business.
No: 93
The net worth of a broker-dealer has fallen below the minimum net capital requirement specified by the state in which the broker-dealer is registered. This broker-dealer must notify the Administrator of this fact
When the net worth of a broker-dealer falls below the minimum net capital requirement specified by the state, the broker-dealer must notify the Administrator of this fact by the close of business on the next business day according to the Uniform Securities Act.
Sam Shyster had his day in court-and lost. His license to do business as an investment adviser in the state has been revoked. What legitimate options does Sam have available to him now?
Sam has the legitimate option of filing an appeal of the decision in a court of law within 60 days. He will not be able to register as an investment adviser with the SEC or with another state. His application will be denied when it is discovered that Sam has had his license revoked by one state.
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