Free NASAA Series 63 (Uniform Securities Agent State Law Examination) Limits and Thresholds Sheet (2026)
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All Series 63 Limits
Series 63 Limits and Thresholds
Regulation of Investment Advisers
4 items
Pension consultants with $200M+ AUM and advisers in 15+ states may register with the SEC regardless of AUM.
Investment advisers register with the SEC at $110M+ AUM (federal covered) and with the state under $100M AUM, with a $10M buffer between.
USA §410 imposes up to 3 years imprisonment and $5,000 in penalties for willful registration violations.
USA registration becomes effective at noon on the 30th day after a complete application is filed, absent Administrator action.
Regulation of Investment Adviser Representatives
4 items
The customer must sign the options agreement within 15 days after options account approval by a ROP.
Under USA §402(b)(9), a private placement is limited to 10 noninstitutional offerees in 12 months, with no general solicitation or retail commissions.
Communications to 25 or fewer retail investors in 30 days count as correspondence; more than that becomes retail communication needing pre-approval.
Commercial paper is exempt if maturing within 9 months, denominations of $50,000+, with a top-3 NRSRO rating.
Regulation of Broker-Dealers
4 items
A state-registered adviser with custody must maintain a minimum net worth of $35,000 or post an equivalent surety bond.
Civil liability under USA Section 410 must be brought within the earlier of 2 years from discovery or 3 years from sale.
The NASAA vulnerable-adult act applies at age 65, allowing firms to delay disbursements up to 15 business days (extendable to 25).
Willful USA violations carry up to a $5,000 fine and/or 3 years imprisonment, with a 5-year criminal statute of limitations.