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Includes state administrator responsibilities, jurisdiction triggers, punitive actions, and record retention periods (broker-dealers 3 years; investment advisers 5 years), plus basic person and investor classifications.",{"@graph":14,"@context":73},[15,34,56],{"@type":16,"itemListElement":17},"BreadcrumbList",[18,23,27,31],{"item":19,"name":20,"@type":21,"position":22},"https://docshare.wps.com","Home","ListItem",1,{"item":24,"name":25,"@type":21,"position":26},"https://docshare.wps.com/document/","Document",2,{"item":28,"name":29,"@type":21,"position":30},"https://docshare.wps.com/document/exam/","Exam",3,{"item":32,"name":10,"@type":21,"position":33},"https://docshare.wps.com/document/nasaa-series-63-65-66-dump-sheet-state-laws-and-regulations/390731/",4,{"url":32,"name":10,"@type":35,"image":36,"author":41,"headline":10,"publisher":44,"fileFormat":47,"inLanguage":8,"description":12,"dateModified":48,"datePublished":49,"encodingFormat":47,"isAccessibleForFree":50,"interactionStatistic":51},"DigitalDocument",{"url":37,"@type":38,"width":39,"height":40},"https://docshare.wps.com/thumbnails/nasaa-series-63-65-66-dump-sheet-state-laws-and-regulations/390731.png","ImageObject",300,407,{"name":42,"@type":43},"eBook King","Person",{"url":19,"name":45,"@type":46},"DocShare","Organization","application/pdf","2026-10-30","2026-09-25",true,{"@type":52,"interactionType":53,"userInteractionCount":55},"InteractionCounter",{"@type":54},"ViewAction",14,{"@type":57,"mainEntity":58},"FAQPage",[59,65,69],{"name":60,"@type":61,"acceptedAnswer":62},"What is the broker-dealer definition and which form is used for registration?","Question",{"text":63,"@type":64},"A broker-dealer is a person engaged in the business of effecting securities transactions for the account of others or for its own account. Registration form is Form BD.","Answer",{"name":66,"@type":61,"acceptedAnswer":67},"How do state administrators determine jurisdiction for securities offers or transactions?",{"text":68,"@type":64},"Jurisdiction exists if the client or professional is in the state during a securities offer or transaction.",{"name":70,"@type":61,"acceptedAnswer":71},"How long must records be retained, and what are the differences between broker-dealers and investment advisers?",{"text":72,"@type":64},"Investment advisers must retain records for 5 years. Broker-dealers must retain records for 3 years, and records from the past 2 years must be readily available.","https://schema.org",{"og:url":32,"og:type":75,"og:title":10,"og:site_name":45,"og:description":12},"article",{"robots":77,"canonical":32},"index,follow",{"doc_id":79,"site_id":7},390731,1790782804,{"code":4,"msg":82,"data":83},"success",[84,88,92,95,100,105,110,115,120,123,127],{"id":22,"doc_module":4,"doc_module_name":25,"category_name":85,"show_sort_weight":86,"slug":87},"Story & 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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> Definition: person offering securities Advice as a regular Business for Compensation\u003Cbr> Registration form: Form ADV (Parts 1 , 2A , 2B)\u003Cbr> Reg. withdrawal form: Form ADV-W\u003Cbr> Exemptions from registration:\u003Cbr>• Vacation rule\u003Cbr>• Institution rule\u003Cbr>• De minimis rule\u003Cbr>• Private fund advisers\u003Cbr> Exclusions from registration:\u003Cbr>• Investment adviser representatives (IARs)\u003Cbr>• LATE professions (incidental)\u003Cbr>• BDs and agents (no advisory fees)\u003Cbr>• Media programs if general advice\u003Cbr>• Fed covered advisers (excluded from state)\u003Cbr>• Banks and savings institutions | \u003Cbr> Agents\u003Cbr> Definition: individual representing a broker-dealer or issuer ineffecting securities transactions\u003Cbr> Registration form: Form U4 (agent & BD file)\u003Cbr> Reg. withdrawal form: Form U5 (agent & BD file)\u003Cbr> Exclusions from registration:\u003Cbr>• Vacation rule • Representing an issuer while\u003Cbr>• Institution rule offering exempt securities or performing exempt transactions\u003Cbr>• Clerical role\u003Cbr>\u003Cbr> Investment adviser representatives (IARs)\u003Cbr>|\n| --- | --- |\n\nState administrator  \n\n|  Responsibilities:\u003Cbr>• Registration & regulation of persons • Enforcement of general securities law\u003Cbr>• Registration & regulation of securities • Enforcement of anti-fraud provisions  Jurisdiction exists if:\u003Cbr>• Client or professional is in the state during a securities offer or transaction  Punitive action:\u003Cbr>• May deny, suspend, or revoke registration • Must be in the public interest and rest on a statutory ground (e.g. , a violation)\u003Cbr> Record retention enforcement:\u003Cbr>• Investment advisers = 5 years • Records from past 2 years must be readily\u003Cbr>• Broker-dealers = 3 years available |  |\n| --- | --- |\n\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)","cbCaih8aQVEPwjEc","https://ap.wps.com/l/cbCaih8aQVEPwjEc","pdf",99960,"English","# Broker-Dealers\n# Investment Advisers\n# Agents and IARs\n# State Administrator: Responsibilities, Jurisdiction, and Penalties\n# Person and Investor Definitions","[{\"question\":\"What is the broker-dealer definition and which form is used for registration?\",\"answer\":\"A broker-dealer is a person engaged in the business of effecting securities transactions for the account of others or for its own account. Registration form is Form BD.\"},{\"question\":\"How do state administrators determine jurisdiction for securities offers or transactions?\",\"answer\":\"Jurisdiction exists if the client or professional is in the state during a securities offer or transaction.\"},{\"question\":\"How long must records be retained, and what are the differences between broker-dealers and investment advisers?\",\"answer\":\"Investment advisers must retain records for 5 years. Broker-dealers must retain records for 3 years, and records from the past 2 years must be readily available.\"}]","NASAA Series 63 / 65 / 66 Dump Sheet - State Laws and Regulations | PDF",1790338784]