Uniform Securities Act

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DEFINITION of 'Uniform Securities Act'

An act created as a starting point for state-level securities regulation. The purpose of the Uniform Securities Act is to deal with securities fraud at the state level and to assist the SEC in enforcement and regulation.

BREAKING DOWN 'Uniform Securities Act'

Because not all investments are covered federally and not all investment dealers are registered at the federal level, the SEC cannot protect all investors and pursue all security violations. This creates the need for state-level regulations like the Uniform Securities Act to further protect investors. Each state has its own state security laws known as the Blue Sky Laws.

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RELATED FAQS
  1. How much time can I expect to spend on studying for the Series 63 exam?

    When candidates register for the Series 63 exam, a 120-day window opens, allowing them to study and schedule the exam at ... Read Full Answer >>
  2. How is the Series 63 exam set up?

    The Series 63 exam has 65 questions. The first 60 count directly towards candidate scores. Five questions at the end are ... Read Full Answer >>
  3. How long is the Series 63 exam?

    The Series 63 exam has 65 questions, of which 60 count directly towards candidate scores. Five are new questions being tested ... Read Full Answer >>
  4. What is the best way to study for the series 63 exam?

    The Series 63 exam is based on the Uniform Securities Act and recommended model policies developed by the North American ... Read Full Answer >>
  5. How long must I wait after failing the Series 63 exam before I can take it again?

    Waiting periods are in place for candidates who wish to retake the Series 63 exam. Between retakes, the waiting period is ... Read Full Answer >>
  6. Do I need to pass the Series 63 if I am just taking orders for securities?

    State requirements vary. The Series 63 may be required, depending on how the individual state defines "agent" and "Investment ... Read Full Answer >>
  7. My 120-day Series 63 exam window is about to close, but I need more time to study. ...

    Extensions are available on rare occasions. Candidates should apply for an extension with the North American Securities Administrators ... Read Full Answer >>
  8. I gave an answer on the test from my study guide that was scored wrong on the Series ...

    The North American Securities Administrators Association (NASAA) does not endorse study guides developed by outside organizations ... Read Full Answer >>
  9. Do I have to be a U.S. citizen to sit for the Series 63 exam?

    United States citizenship is not required for Series 63 test-takers. Candidates may take the exam inside or outside the U.S. ... Read Full Answer >>
  10. Are waivers granted to the 180-day waiting period to re-take the Series 63 exam?

    Candidates retaking the Series 63 exam must wait for 30 days after failing it on the first or second attempt. After failing ... Read Full Answer >>
  11. Which version of the Uniform Securities Act should I study to prepare for my Series ...

    The Uniform Securities Act was drafted in 1956. Subsequent revisions are not universally applicable to all states. Candidates ... Read Full Answer >>
  12. How often, and how, is a series 63 exam updated?

    Series 63 exams draw questions from a test bank based on state regulations, the Uniform Securities Act and North American ... Read Full Answer >>
  13. Are series 63 exams given outside of the United States?

    Series 63 exams are offered at authorized testing centers around the world. The exam does not require U.S. citizenship. Test ... Read Full Answer >>
  14. Does NASAA or anyone else give out the series 63 exam questions?

    Outside of the proctored exam, no access to Series 63 exam questions is offered. Providing access to questions would invalidate ... Read Full Answer >>
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    Since its beginning in February 1827 with the Baltimore & Ohio Railroad, the U.S. rail industry has had a seemingly symbiotic ... Read Full Answer >>
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    In the context of investing, the term "boiler room operation" refers to the use of high pressure sales tactics to sell stocks ... Read Full Answer >>

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