Application Requirements for Registration as a Securities Broker/Dealer Agent

{Ala. Code § 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-4Instructions 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. 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:

  1. 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 FINRA for the activity in which the applicant will be engaged; and
  2. An examination on state securities law which will be satisfied by passing the Uniform Securities Agent State Law Examination (USASLE) administered by the Financial Industry Regulatory Authority or the Uniform Combined State Law Examination (UCSLE or Series 66).

Please Note the Following Information:

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

Series 65

94 Raw Score

  • Percentage of Test Points: 72%

Series 63

43 Raw Score

  • Percentage of Test Points: 72%

Series 66

75 Raw Score

  • Percentage of Test Points: 75%

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

Pursuant to Ala. Code § 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.