Pursuant to Section 13.D of the Texas Securities Act, written examinations are required to determine an applicant's qualifications and competency to engage in the business of dealing in and selling securities or rendering investment advice. The passing score is 70%. Section 19.C provides that if a person's registration has been expired for two years or longer, the person must submit to reexamination.

Each dealer or investment adviser applicant must satisfy two examination requirements:

Specific examination requirements for Dealers are found in §115.3 of the Board Rules. The examination requirements for Investment Advisers are located in §116.3.

The state securities law examination requirement may be satisfied by passage of the Texas Securities Law Examination which is administered by this Agency. To be eligible to take this exam, an applicant must have an application on file with the Securities Commissioner, have a current admission letter issued by the Agency, and have paid the $35.00 examination fee.

The Texas Securities Law examination is given at the Austin office of the State Securities Board and also is available at other locations in Texas. Entrance is by admission letter issued by the Securities Board. To schedule an appointment to take the state exam in Austin or elsewhere in Texas, contact the Registration Division by calling (512) 305-8300.

While taking the Texas Securities Law examination, each applicant may have for reference a copy of The Texas Securities Act as it is printed and distributed by the Texas Securities Board. No other reference materials are allowed to be used by applicants during the examination.

All other examinations are administered through the Financial Industry Regulatory Authority (FINRA). Information about the examination process and testing center locations may be reviewed on the FINRA website http://www.finra.org/Industry/Compliance/Registration/index.htm.

Any questions regarding examination requirements or Texas Securities Law Exam procedures should be directed to the Registration Division, Texas State Securities Board, P.O. Box 13167, Austin, TX, 78711, (512) 305-8300.