NASAA Series 63 / 65 / 66 Dump Sheet - State Laws and Regulations

Sep 25, 2026

Uploaded by Jake

NASAA Series 63 / 65 / 66 dump sheet outlining key definitions and regulatory processes under state securities law. Covers broker-dealers and investment advisers, including registration forms (Form BD, Form U4, and Form U5), typical exclusions such as vacation, institution, de minimis, and related registration rules. Summarizes state administrator responsibilities, enforcement authority, jurisdiction triggers based on in-state presence during offers or transactions, and record retention requirements for broker-dealers and investment advisers.

LanguageEnglish

CategoryExam

FormatPDF

Pages1

Reading Time3 min

AccessFree to download

Broker-dealers

Definition and registration (Form BD)

Exclusions from registration

Investment advisers

Agents and IARs (Form U4)

Registration withdrawal (Form U5)

Exclusions from registration

State administrator

Responsibilities and enforcement

Jurisdiction and punitive action

Record retention enforcement

Person and investors

Definition of person and non-persons

Institutional and retail investors

FAQs

What is the broker-dealer definition and what registration form is used?

A broker-dealer is a person engaged in effecting securities transactions for the account of others or for its own account. The registration form referenced is Form BD.

How do state and federal covered investment advisers affect Form U4 filing for IARs?

For IARs, if representing a state investment adviser, the filing is done by the IA; if representing a federally covered investment adviser, the filing is done by the IAR.

When does a state have jurisdiction during a securities offer or transaction?

Jurisdiction exists if the client or the professional is in the state during a securities offer or transaction.

Sep 25, 2026

Uploaded by Jake