Broker/Dealer Agent Filing Requirements

Application Requirements for Registration
as a Securities Broker/Dealer Agent

{Code of Alabama 1975, § 8-6-3 and Commission Rule 830-X-3}

Applications for broker/dealer registration should be filed with the Web CRD system. A Form U-4| Instructions and $70.00 filing fee is required to make such application.

Please be advised that Commission Rule 830-X-3-.09 prohibits dual registration of any “associated person” simultaneously with more than one broker/dealer. Requests for waivers of this prohibition in the case of affiliated broker/dealers should be directed to the attention of the Director of the Alabama Securities Commission, Mr. Joseph P. Borg. Such requests are considered on a case by case basis.

Please be advised that Commission Rule 830-X-3-.08 requires the satisfaction of the following exam requirements:

An examination on general or limited securities principles which will be satisfied by the applicant showing evidence of passing the appropriate examination(s) required by NASD for the activity in which the applicant will be engaged; and
An examination on state securities law which will be satisfied by passing the Uniform Securities Agent State Law Examination (USASLE) administered by the National Association of Securities Dealers or the Uniform Combined State Law Examination (UCSLE or Series 66).

Please Note: Effective January 1, 2010, the new passing scores for each securities law exam will be as follows:

Test	Raw Score	Percentage of Test Points
Series 65	94	72%
Series 63	43	72%
Series 66	75	75%

Exam waivers are available under limited circumstances and are strictly granted on an individual basis.

Pursuant to Code of Alabama, 1975, Section 8-6-3(j)(8), an applicant may be denied registration if he or she is insolvent. Applicants may be required to submit a current attested balance sheet in order to confirm compliance. Applicants may submit their own completed balance sheet form or complete the attached balance sheet form for submission.