FINRA to Administer the Series S66 Exam in the CRD
Effective immediately, FINRA, via the Central Registration Depository (CRDSM) system, will begin accepting requests for the new Uniform Combined State Law Examination (Series 66). The Series 66 was developed by representatives from the North American Securities Administrators Association (NASAA) to satisfy the agent (AG) and investment adviser (IA) qualification testing requirements, and is now accepted by all states as a qualifying examination for either or both of those registrations. FINRA will administer the exam at each of FINRA Regulation authorized delivery locations. Below are some answers to just a few of the questions that member firms may have:
Why was the Series 66 developed?
Before the implementation of the Series 66, candidates required to register as agents of broker/dealers and as investment advisers had to pass the Uniform Securities Agent State Law Exam (Series 63) and the Uniform Investment Advisor Law Exam (Series 65) separately. Now, although the Series 63 and Series 65 exams are still available for specific qualification, the Series 66 will provide a more efficient way to comply with state requirements for both registrations through one examination.
Will agents who have already passed either the Series 63 or 65 exams have to take the Series 66?
No. Because the Series 66 is a combination of both the agent and investment adviser qualification testing requirements, candidates will have the option of taking either/both of the specific qualifying exams or the Series 66.
Are there any co-requisites to the Series 66 Exam?
Yes. The General Securities Representative Exam (Series 7) is a co-requisite to the Series 66 Exam.
How can the exam be requested?
The Series 66 can be requested on Page 1 of Form U-4 by checking the "Other" box in item 11 and writing the exam on the line next to it. Firms may also submit a request electronically through the Firm Access Query System (FAQS) by either answering yes to the Series 66 prompt under the EXAMREQ command or by specifying "S66" for the Position Codes and Exams prompts under the ELECFILE command. Non-FINRA candidates can request the Series 66 by submitting the Form U-10 along with the exam fee. **Note: If a candidate is employed with one or more firms, has existing deficiencies for either the Series 63 or Series 65 exams, and a subsequent request has been made on behalf of the candidate for the Series 66, the existing deficiencies will automatically default to a "S66" deficiency; however, if exam schedulings exist for either the S63 or S65, they will remain open.
How is the Series 66 graded?
The passing score of the Series 66 may be adjusted periodically. Candidates are advised to refer to the NASAA Web site for more information. There is a waiting period for candidates wishing to retake the Exam after a failed attempt.
What is the cost for the Series 66?
The cost for the exam is $110.
Can FINRA refund exam fees for Series 63 or 65 exams that are currently scheduled?
No. The fees for the Series 63, 65, and 66 exams are non-refundable.
For more information about the Series 66 exam, see the June 1995 edition of Notice To Members (p. 347). Firms needing additional assistance completing a Series 66 exam request may contact the CRD/PD Gateway Call Center at (301) 590-6500.
