Series 66 – Uniform Combined State Law Exam Study Guide 2026
Everything you need to pass the Series 66 – Uniform Combined State Law Exam exam in one place: the exam format, every topic to study, real practice questions with explanations, flashcards, and full-length practice tests. Free, no sign-up needed.
📚 Series 66 – Uniform Combined State Law Exam Topics to Study (21)
✍️ Sample Series 66 – Uniform Combined State Law Exam Questions & Answers
1. Under the Uniform Securities Act, which of the following is TRUE about options contracts?
Options on securities are considered securities under the Uniform Securities Act and are subject to its provisions.
2. Which of the following best describes the Howey Test used to determine whether an instrument is a security?
The Howey Test defines an investment contract (and thus a security) as an investment of money in a common enterprise with profits expected from others' efforts.
3. Under the USA, which of the following is an example of a 'covered security' that preempts state registration?
Securities listed on national exchanges like the NYSE are 'covered securities' under NSMIA and preempt state registration requirements.
4. Under the prudent investor standard, an investment adviser managing a discretionary account must:
The prudent investor standard requires advisers to manage assets with the care, skill, and caution that a reasonable person in similar circumstances would exercise.
5. What is the PRIMARY objective of ethics & professional responsibility in the Series 66 - Uniform Combined State Law field?
The primary objective of compliance and regulatory frameworks is to ensure adherence to standards that protect stakeholders.
6. Under the Uniform Securities Act, an investment adviser with assets under management below what threshold must register with the state rather than the SEC?
Investment advisers with less than $100 million in AUM must register with the state unless an exemption applies.