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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.",{"@graph":69,"@context":123},[70,84,106],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":20,"@type":76,"position":81},"https://docshare.wps.com/document/exam/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/nasaa-series-63-65-66-dump-sheet-state-laws-and-regulations/389837/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/nasaa-series-63-65-66-dump-sheet-state-laws-and-regulations/389837.png","ImageObject",300,407,{"name":92,"@type":93},"Jake","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-11-01","2026-09-25",true,{"@type":102,"interactionType":103,"userInteractionCount":105},"InteractionCounter",{"@type":104},"ViewAction",14,{"@type":107,"mainEntity":108},"FAQPage",[109,115,119],{"name":110,"@type":111,"acceptedAnswer":112},"What is the broker-dealer definition and what registration form is used?","Question",{"text":113,"@type":114},"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.","Answer",{"name":116,"@type":111,"acceptedAnswer":117},"How do state and federal covered investment advisers affect Form U4 filing for IARs?",{"text":118,"@type":114},"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.",{"name":120,"@type":111,"acceptedAnswer":121},"When does a state have jurisdiction during a securities offer or transaction?",{"text":122,"@type":114},"Jurisdiction exists if the client or the professional is in the state during a securities offer or transaction.","https://schema.org",{"og:url":83,"og:type":125,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":127,"canonical":83},"index,follow",{"doc_id":129,"site_id":62},389837,1790648742,{"code":4,"msg":5,"data":132},{"doc_id":129,"user_id":133,"nickname":92,"user_avatar":134,"doc_module":4,"category_id":19,"category_name":20,"doc_title":65,"doc_description":67,"doc_content":135,"file_id":136,"file_url":137,"file_type":138,"file_size":139,"view_count":105,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":8,"language":140,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":141,"faqs":142,"seo_title":143,"seo_description":67,"update_tm":144,"read_time":81,"preview_page_count":4},962084928904,"https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d","NASAA SERIES 63 / 65 / 66 DUMP SHEET State laws and regulations  \n\n| \u003Cbr> Broker-dealers\u003Cbr> Definition: person engaged in the business of effecting transactions in securities for the account of others or for its own account\u003Cbr> Registration form: Form BD  Exclusions from registration:\u003Cbr>• Agents, issuers, and banks • Vacation rule\u003Cbr>• Canadian (limited • Institution rule registration)\u003Cbr>\u003Cbr> Investment advisers\u003Cbr>| \u003Cbr> Agents\u003Cbr>\u003Cbr>\u003Cbr> Investment adviser representatives (IARs)\u003Cbr> Definition: any partner, officer, director of, or securities advice-providing employee of an IA\u003Cbr> Registration form: Form U4\u003Cbr>• If representing state IA = filed by IA\u003Cbr>• If representing fed covered IA = filed by IAR  Reg. withdrawal form: Form U5\u003Cbr>• If representing state IA = filed by IA\u003Cbr>• If representing fed covered IA = filed by IAR  Exclusions from registration:\u003Cbr>• Vacation rule • De minimis rule\u003Cbr>• Institution rule |\n| --- | --- |\n\nState administrator  \n Responsibilities:  \n• Registration & regulation of persons • Enforcement of general securities law  \n• Registration & regulation of securities • Enforcement of anti-fraud provisions  Jurisdiction exists if:  \n• Client or professional is in the state during a securities offer or transaction  Punitive action:  \n• May deny, suspend, or revoke registration • Must be in the public interest and rest on a statutory ground (e.g. , a violation)  \n Record retention enforcement:  \n• Investment advisers = 5 years • Records from past 2 years must be readily  \n• Broker-dealers = 3 years available  \nPerson  \n\n|  Any natural person (individual) or organization able to enter into binding contracts\u003Cbr> Non-persons: minors, incapacitated, deceased |  |\n| --- | --- |\n\nInvestors  \n\n|  Institutional: organization investing a pool of capital (money) on behalf of others\u003Cbr> Retail: individual investing for their own goals or on behalf of family |  |\n| --- | --- |\n\n[achievable.me](achievable.me)","cbCaikSCEow6dGfB","https://ap.wps.com/l/cbCaikSCEow6dGfB","pdf",103213,"English","# Broker-dealers\n## Definition and registration (Form BD)\n## Exclusions from registration\n# Investment advisers\n## Agents and IARs (Form U4)\n## Registration withdrawal (Form U5)\n## Exclusions from registration\n# State administrator\n## Responsibilities and enforcement\n## Jurisdiction and punitive action\n## Record retention enforcement\n# Person and investors\n## Definition of person and non-persons\n## Institutional and retail investors","[{\"question\":\"What is the broker-dealer definition and what registration form is used?\",\"answer\":\"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.\"},{\"question\":\"How do state and federal covered investment advisers affect Form U4 filing for IARs?\",\"answer\":\"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.\"},{\"question\":\"When does a state have jurisdiction during a securities offer or transaction?\",\"answer\":\"Jurisdiction exists if the client or the professional is in the state during a securities offer or transaction.\"}]","NASAA Series 63 / 65 / 66 Dump Sheet - State Laws and Regulations | PDF",1790327946]