15.2 Agent Registration

Series 65 Uniform Investment Adviser Law

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1 Introduction

About the Series 65 How to Use This Guide

2 Chapter 1: Economic Factors & Business Cycles

1.1 Business Cycles 1.2 Monetary Policy 1.3 Fiscal Policy 1.4 Inflation & Deflation 1.5 Interest Rates & Yield Curves 1.6 Global Economic Factors

3 Chapter 2: Financial Reporting & Analytical Methods

2.1 Financial Statements Overview 2.2 Accounting Fundamentals 2.3 SEC Filings & Annual Reports 2.4 Financial Ratios 2.5 Time Value of Money 2.6 IRR and NPV 2.7 Descriptive Statistics

4 Chapter 3: Types of Risk

3.1 Systematic (Market) Risk 3.2 Unsystematic (Company-Specific) Risk 3.3 Interest Rate & Reinvestment Risk 3.4 Inflation & Currency Risk 3.5 Liquidity Risk & Opportunity Cost 3.6 Risk Measurement & Portfolio Theory

5 Chapter 4: Cash Equivalents & Fixed Income Securities

4.1 Cash & Cash Equivalents 4.2 Treasury Securities 4.3 Agency Securities 4.4 Corporate Bonds 4.5 Municipal Bonds 4.6 Bond Pricing & Yields

6 Chapter 5: Equity Securities

5.1 Common Stock 5.2 Preferred Stock 5.3 Shareholder Rights & Corporate Actions 5.4 Equity Valuation Methods 5.5 ADRs, REITs & Other Equity Securities

7 Chapter 6: Pooled Investments

6.1 Mutual Funds 6.2 Mutual Fund Costs & Fees 6.3 Exchange-Traded Funds (ETFs) 6.4 Closed-End Funds & UITs 6.5 Hedge Funds & Private Equity

8 Chapter 7: Derivatives, Alternative Investments & Insurance Products

7.1 Options Basics 7.2 Options Strategies 7.3 Alternative Investments 7.4 Annuities 7.5 Life Insurance Products

9 Chapter 8: Client Types & Profiles

8.1 Individual Clients 8.2 Business Entity Clients 8.3 Trusts & Estates 8.4 Accredited & Qualified Investors 8.5 Suitability & Know Your Customer

10 Chapter 9: Portfolio Theory & Capital Markets

9.1 Modern Portfolio Theory 9.2 Capital Asset Pricing Model (CAPM) 9.3 Efficient Market Hypothesis 9.4 Risk & Performance Measures 9.5 Asset Allocation

11 Chapter 10: Portfolio Management Strategies

10.1 Investment Styles 10.2 Portfolio Management Techniques 10.3 Fixed Income Strategies 10.4 Return Calculations

12 Chapter 11: Tax Considerations & Retirement Planning

11.1 Capital Gains & Investment Taxes 11.2 Retirement Plans Overview 11.3 Individual Retirement Accounts (IRAs) 11.4 Education Savings Plans 11.5 Distributions & RMDs

13 Chapter 12: ERISA, Special Accounts & Performance Measures

12.1 ERISA Requirements 12.2 Special Account Types 12.3 Performance Measures & Reporting 12.4 QDROs & Special Situations

14 Chapter 13: Regulation of Investment Advisers

13.1 Investment Advisers Act of 1940 13.2 Registration Requirements 13.3 Recordkeeping Requirements 13.4 Custody Requirements 13.5 Exempt Reporting Advisers

15 Chapter 14: Regulation of Investment Adviser Representatives

14.1 IAR Definition & Requirements 14.2 Registration & Post-Registration 14.3 IARs of Federal Covered Advisers

16 Chapter 15: Regulation of Broker-Dealers & Agents

15.1 Broker-Dealer Definition 15.2 Agent Registration 15.3 Regulation Best Interest

17 Chapter 16: Securities Registration & Exemptions

16.1 Uniform Securities Act 16.2 Securities Registration Methods 16.3 Exempt Securities 16.4 Exempt Transactions

18 Chapter 17: Communications & Client Relationships

17.1 Advertising Rules 17.2 Social Media & Electronic Communications 17.3 Client Agreements & Disclosure 17.4 Proxy Voting & Other Obligations

19 Chapter 18: Ethics & Fiduciary Obligations

18.1 Fiduciary Duties 18.2 Prohibited Practices 18.3 Senior & Vulnerable Adult Protection 18.4 AML & Compliance Programs

15.2 Agent Registration

Key Takeaways Explain This Topic AI

Agents represent broker-dealers in securities transactions.

Clerical staff and issuer reps in exempt transactions are not agents.

SIE requires no sponsor; Series 7 or 6 require BD sponsorship.

Agent registration is valid only while associated with a registered BD.

Supervisors must be registered principals (Series 24, 26, or 27).

Last updated: October 2026

Agent Registration Requirements

Agents are individuals who represent broker-dealers or issuers in securities transactions. Understanding agent registration requirements is essential for the Series 65 exam.

Definition of Agent

An agent is any individual (other than a broker-dealer itself) who represents a broker-dealer or issuer in:

• Effecting purchases or sales of securities
• Attempting to effect purchases or sales of securities

• Key Points Details
• Must Be Individual Agents are natural persons, not firms
• Representative Relationship Acts on behalf of BD or issuer
• Transaction-Related Involved in effecting or attempting securities transactions
• Also Called Registered Representative, stockbroker
• Who Is NOT an Agent
• Exclusions from Agent Definition

• Exclusion Conditions
• Clerical/Administrative Staff No securities sales activities
• Issuer Representatives (Exempt Transactions) Certain transactions don't require registration
• Non-Compensated Officers/Directors Not compensated for selling securities
• Persons in Non-Sales Roles Operations, compliance (non-customer facing)
• Issuer Transactions NOT Requiring Agent Registration

Representatives of issuers are NOT agents when effecting:

• Transaction Type Details
• Employee Benefit Plans Sales to employees under qualified plans
• Isolated Non-Issuer Transactions Occasional, not part of regular business

Institutional Transactions Sales to banks, insurance companies, etc.

• Existing Security Holder Transactions Stock dividends, rights offerings
• State Registration Requirements
• Registration Process

• Step Details
• 1. Association Must be associated with registered broker-dealer
• 2. Form U4 File through Central Registration Depository (CRD)
• 3. Examinations Pass required qualifying exams
• 4. Background Check Fingerprinting, criminal/regulatory history
• 5. State Fees Pay applicable registration fees
• 6. Approval Await state processing
• Form U4 Contents

• Category Information Required
• Personal Name, SSN, DOB, addresses (5 years)
• Employment History for past 10 years
• Education Schools, degrees, certifications
• Disclosures Criminal, regulatory, civil, financial, termination
• Fingerprints Required in most states
• Qualification Examinations
• Securities Industry Essentials (SIE)

• Requirement Details
• Sponsor No sponsor required—anyone 18+ can take
• Questions 80 questions (75 scored, 5 pretest)
• Time 105 minutes
• Passing Score 70 (a scaled score)
• Cost $100
• Validity 4 years from passing
• Series 7 (General Securities Representative)

• Requirement Details
• Corequisite SIE (pass both, in either order)
• Sponsor Requires broker-dealer sponsorship
• Questions 130 questions (125 scored, 5 pretest)
• Time 225 minutes (3 hours 45 minutes)
• Passing Score 72 (a scaled score)
• Scope Broadest representative license—most securities
• Series 6 (Investment Company/Variable Contracts)

• Requirement Details
• Corequisite SIE (pass both, in either order)
• Sponsor Requires broker-dealer sponsorship
• Questions 50 scored questions
• Time 90 minutes
• Passing Score 70 (a scaled score)
• Scope Limited—mutual funds, variable annuities, variable life
• State Law Exams

• Exam Purpose
• Series 63 Uniform Securities Agent State Law
• Series 65 Investment Adviser Representative
• Series 66 Combined 63 + 65 content (SIE and Series 7 are corequisites)
• Common Registration Combinations

• Role Exams Required
• General Securities Rep SIE + Series 7 + Series 63
• Investment Company Rep SIE + Series 6 + Series 63
• Investment Adviser Rep (only) Series 65
• Dual (Rep + IAR) SIE + Series 7 + Series 66

On the Exam: The SIE can be taken without sponsorship and remains valid for 4 years. The Series 7 and Series 6 require broker-dealer sponsorship via Form U4.

• Registration Maintenance
• Effective Registration

• Principle Details
• BD Association Required Registration only valid while associated with registered BD
• Termination Registration terminates when association ends
• Transfer Can transfer to new BD via Form U4
• Re-Registration Must re-register with new firm
• Continuing Education (FINRA)

• Element Requirement
• Regulatory Element Annual computer-based training
• Firm Element Firm-specific annual training
• Non-Compliance Status becomes "CE Inactive"
• Inactive Status Cannot engage in securities activities
• Supervision Requirements
• Broker-Dealer Obligations

• Requirement Details
• Written Supervisory Procedures Document supervision framework
• Designated Supervisors Principals responsible for oversight
• Transaction Review Monitor trading activity
• Communication Review Review correspondence, emails, social media
• Training Ongoing compliance education
• Red Flag Response Investigate and address issues
• Principal Registration

Supervisors must be registered as principals:

• Principal Type Exam Required
• General Securities Principal Series 24
• Financial/Operations Principal Series 27
• Investment Company Principal Series 26
• Key Takeaways
• Agents are individuals representing BDs in securities transactions
• Clerical staff and issuer reps in exempt transactions are not agents
• SIE requires no sponsor; Series 7/6 require BD sponsorship
• Agent registration is only valid while associated with a registered BD
• Supervisors must be registered principals (Series 24, 26, or 27)

Loading diagram... Agent Registration Path