- Administrator
- The state official or agency that enforces the securities laws within a state, with authority to register securities and persons, make rules, investigate, and issue orders.
- Agent
- An individual who represents a broker-dealer or issuer in effecting or attempting to effect transactions in securities; clerical and administrative staff are generally not agents.
- Broker-Dealer
- A person engaged in the business of effecting securities transactions for the accounts of others or for its own account; excludes agents, banks, and firms with no place of business in the state that deal only with certain exempt clients.
- Investment Adviser
- A person who, for compensation, engages in the business of advising others about the value of securities or the advisability of investing in them, including those who issue analyses or reports for pay.
- Investment Adviser Representative (IAR)
- An individual employed by or associated with an investment adviser who makes recommendations, manages accounts, solicits advisory services, or supervises those who do.
- Security
- A broadly defined investment instrument that includes stocks, bonds, notes, investment contracts, and similar interests; whether something is a security often turns on whether it is an investment of money in a common enterprise with an expectation of profits from others' efforts.
- Exempt Security
- A security that does not have to be registered with the state because of its nature or issuer, such as government or municipal securities, though the antifraud provisions still apply to it.
- Exempt Transaction
- A securities transaction that is not subject to registration or advertising-filing requirements because of the manner in which it occurs or the parties involved, such as certain private or institutional sales.
- Registration by Coordination
- A method of registering a security at the state level simultaneously with a federal registration filed under the Securities Act of 1933, which becomes effective in coordination with the federal registration.
- Uniform Securities Act (USA)
- A model state securities law that individual states use as a template to draft their own "blue sky" statutes; the Series 63 exam is based on its provisions and the related NASAA rules.
- Federal Covered Security
- A security whose registration is handled at the federal level (such as exchange-listed securities or investment company shares) so that states cannot require its registration, though states may still require notice filings and fees.
- Fraud
- Any deceptive or manipulative act in connection with the offer, sale, or purchase of a security, including making untrue statements of material fact or omitting material facts; the antifraud rules apply to all securities, exempt or not.