Free NASAA Series 65 (Uniform Investment Adviser Law Examination) Limits and Thresholds Sheet (2026)
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All Series 65 Limits
Series 65 Limits and Thresholds
Economic Factors and Business Information
4 items
An ISM Manufacturing Index reading below 50 signals contraction in the manufacturing sector.
Form 10-K is the annual audited report, Form 10-Q is the quarterly unaudited report, and Form 8-K is filed for material events.
By the Rule of 72, money invested at 6% doubles in approximately 12 years.
A recession is commonly defined as two consecutive quarters of declining GDP.
Investment Vehicle Characteristics
16 items
T-notes have maturities of 2-10 years, while T-bonds have maturities of 20-30 years.
Commercial paper matures in 1-270 days and is issued only by investment-grade corporations.
FDIC insures deposits up to $250,000 per depositor, per insured institution, per ownership category.
The lowest investment-grade rating is Baa (Moody's) / BBB (S&P); one notch below is junk.
RSI signals overbought above 70 and oversold below 30, while Bollinger Bands measure volatility, not momentum.
The green shoe (overallotment) option lets underwriters sell up to 15% more shares to stabilize the price if demand exceeds the offering.
SPAC IPOs price the trust at approximately $10 per share, and sponsors typically receive a 20% promote that dilutes public shareholders.
To guarantee one board seat under cumulative voting, you need (shares outstanding / (seats + 1)) + 1 shares.
REITs must distribute at least 90% of taxable income, and most REIT dividends are taxed as ordinary income, not qualified.
Hedge funds typically charge "2 and 20": a 2% management fee plus 20% of profits.
Accredited investor: net worth over $1,000,000 (excluding primary residence) OR income over $200,000 ($300,000 joint).
12b-1 fees are capped at 0.25% for a fund to be called no-load and 1% total.
Annuity surrender charge periods typically last 5 to 8 years with a declining schedule, separate from the IRS 10% early withdrawal penalty.
Non-qualified annuity withdrawals follow LIFO, meaning earnings come out first and are fully taxable as ordinary income before cost basis.
Non-qualified annuity withdrawals before age 59½ trigger a 10% IRS early withdrawal penalty on the taxable portion.
Collectibles (gold, art, rare coins) are taxed at a maximum long-term capital gains rate of 28%, versus the standard 20% rate for stocks.
Client Investment Recommendations and Strategies
12 items
Under CAPM with risk-free rate 4%, market return 11%, and beta 0.6, expected return = 4% + 0.6 × 7% = 8.2%.
A private foundation must distribute at least 5% of its net investment assets annually for charitable purposes.
An accredited investor needs income of $200,000 individually ($300,000 jointly) for 2 years, or net worth of $1,000,000 excluding primary residence.
An S corporation is limited to 100 shareholders and one class of stock, with income passing through to shareholders.
RMDs from Traditional IRAs begin at age 73 (75 for those born in 1960 or later), and the excise tax on a shortfall is 25%.
The wash sale window is 61 days total — 30 days before plus the sale date plus 30 days after.
The 2026 federal estate tax exemption is $13.99 million per person taxed at 40%, and the annual gift exclusion is $19,000 per recipient.
457(b) distributions are never subject to the 10% early withdrawal penalty regardless of age.
529 superfunding allows front-loading 5 years of annual gift exclusions, up to $95,000 per contributor in one year with no gift tax.
Reg T initial margin is 50% of purchase price; FINRA maintenance margin minimum is 25% of current market value.
Coverdell ESA contributions cap at $2,000 per beneficiary annually and phase out for single filers above $110,000 MAGI.
2026 HSA contribution limits are $4,300 individual and $8,550 family, with a $1,000 catch-up at age 55+.
Laws, Regulations, and Guidelines
8 items
Form ADV Part 2A must be delivered 48 hours before signing OR at signing with a 5 business day cancellation right.
An SEC-registered adviser whose AUM drops below $90 million must switch back to state registration within 180 days.
Investment advisers register with the state under $100 million AUM and must register with the SEC at $110 million or above.
State-registered IAs must retain books and records for 5 years, with the most recent 2 years kept at the principal office.
The USA civil statute of limitations is the earlier of 2 years after discovery of the violation or 3 years after the transaction.
Performance-based advisory fees require a qualified client with $1.1 million AUM with the adviser or $2.2 million net worth.
Regulation A+ Tier 1 caps offerings at $20 million in 12 months while Tier 2 caps at $75 million in 12 months.
SARs are filed with FinCEN for suspicious transactions of $5,000 or more while CTRs are filed for cash transactions exceeding $10,000.