Free NASAA Series 66 (Uniform Combined State Law Examination) Limits and Thresholds Sheet (2026)
Every Series 66 formula you need on the test, grouped by topic, rendered with full math notation. 28 formulas across 4 topics, calibrated to the 2026 syllabus. Free forever, no signup required.
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All Series 66 Limits
Series 66 Limits and Thresholds
Economic Factors and Business Information
4 items
The market portfolio has a beta of 1.0 by definition, so a stock with beta 1.5 tends to move 1.5% for every 1% market move.
A fund returning +50% then -50% has an arithmetic mean of 0% but a geometric mean of -13.4% per year, leaving the account down 25%.
A Sharpe ratio of 1.0 is solid, 2.0 is excellent, and below zero means the portfolio underperformed the risk-free asset.
Using CAPM with a 4% risk-free rate, 10% market return, and beta 1.2, the required return equals 11.2%.
Investment Vehicle Characteristics
8 items
FDIC insures deposits to $250,000 per depositor per bank per ownership category; SIPC covers brokerage to $500,000 total with a $250,000 cash sublimit.
Negotiable CDs trade in the secondary market and are issued in minimum denominations of $100,000, targeting institutional buyers.
Commercial paper has a maximum maturity of 270 days to qualify for the Securities Act Section 3(a)(3) registration exemption.
The investment-grade threshold is BBB- (S&P) / Baa3 (Moody's); anything below is high-yield, also called junk or speculative-grade.
Annuity withdrawals before age 59½ trigger a 10% IRS penalty on gains, taxed as ordinary income.
Gold ETFs holding physical metal are taxed at the 28% collectibles rate, while mining-stock ETFs are taxed at standard 15%/20% LTCG rates.
FINRA caps 12b-1 fees at 0.75% marketing plus 0.25% service, for a 1.00% maximum, and over 0.25% disqualifies no-load status.
REITs must distribute at least 90% of taxable income, and distributions are taxed as ordinary income, not qualified dividends.
Client/Customer Investment Recommendations and Strategies
8 items
Asset allocation explains roughly 90% of portfolio return variation across time, while security selection and market timing explain the rest.
ERISA §404(c) provides a fiduciary safe harbor when participants direct their own investments and the plan offers diverse options.
At a 32% federal bracket, a 4.5% municipal bond delivers a tax-equivalent yield of 6.62%, computed as 4.5% ÷ (1 − 0.32).
Active funds typically charge 80-150 bps while passive index funds charge 5-25 bps, and fewer than 25% beat their benchmark over 15-year periods.
The Net Investment Income Tax adds 3.8% on investment income for MAGI above $200,000 single or $250,000 married filing jointly.
The 2026 IRA contribution limit is $7,000 ($8,000 age 50+) and the 401(k) elective deferral limit is $23,500.
Reg T initial margin is 50% and FINRA maintenance margin is 25% long and 30% short.
2026 HSA contribution limits are $4,400 self-only and $8,750 family, with a $1,000 catch-up at age 55+.
Laws, Regulations, and Guidelines
8 items
The Form ADV annual updating amendment is due within 90 days of fiscal year end, while material changes require a prompt amendment generally within 30 days.
A written customer complaint is U4-reportable if it alleges damages of $5,000 or more, or if settled or adjudicated for $15,000 or more.
A state-registered IA must switch to SEC at $110M AUM and a federal IA must deregister below $90M; $100M is the federal-registration minimum.
NASAA's IAR CE rule requires 12 credits per year split into 6 Products and Practice plus 6 Ethics and Professional Responsibility.
The USA civil rescission window runs the earlier of 2 years from discovery or 3 years from sale, whichever is earlier.
Performance-based fees require a qualified client with $1.1 million net worth (excluding primary residence) or $2.2 million AUM with the adviser.
AML rules require a CTR for cash transactions over $10,000 filed within 15 days and a SAR for suspicious activity at or above $5,000 filed within 30 days.
Under the Uniform Securities Act, the criminal maximum is a $5,000 fine and 5 years in prison, with a statute of limitations of 5 years from the violation.