More Detail Provided on Scope of Tests; Content, Cost Unchanged

WASHINGTON (November 3, 2003) – The North American Securities Administrators Association (NASAA) today announced upgrades to specifications for two of its exams: the Series 65 exam, which individuals must pass before being licensed as investment adviser representatives by state securities regulators, and the Series 66, which is a combined exam for securities agents and investment adviser representatives. (Those who pass the Series 66 also must pass the NASD Series 7 to become licensed.)

The revised specifications, which become effective January 4, 2004, do not change the subject matter content of the exams.

“These revisions are intended to provide greater clarity to exam takers on the areas covered in the parts of the tests dealing with legal and ethical obligations,” said NASAA President and Connecticut Securities Division Director Ralph A. Lambiase.

“The previous specifications identified the various statutes with which exam takers were expected to be familiar. The revised specifications go further. They identify the specific topics in those statutes, which will be covered on the exams. This will allow exam takers to concentrate their studies on the most pertinent sections of the laws, rules and regulations when preparing to take the exam,” said Illinois Securities Director Tanya Solov, who also chairs NASAA’s Broker-Dealer Section.

The revisions also allow for questions on similar topics to appear in the same sections of the exams, eliminating possible duplication of questions.

The number of questions on each exam, the time given for completion, and the cost of the exams will not change. The updated specifications for the Series 65 and Series 66 exams can be found on the NASAA website.

For More Information:
Bob Webster, Director of Communications
202-737-0900