Securities Agent License Information

A securities agent, as defined in Iowa Code section 502.102, is an individual who represents a broker-dealer to purchase or sell securities or who represents an issuer to purchase or sell an issuer’s securities.  All securities agents must be registered unless they are selling securities for an issuer and do not receive compensation.

Iowa Registration Requirements for Securities Agents and Agents of Issuers

Agents of a FINRA Member Broker Dealer must (PDF) (PDF):

  1. Pass the Uniform Securities Agent State Law Examination (Series 63) or the Uniform Combined State Law Examination (Series 66);
  2. Pass the appropriate FINRA qualifying examination or obtain a waiver from FINRA; and
  3. File an application for registration and pay a $40 filing fee through FINRA’s CRD.

Agents of a Non-FINRA Member Broker Dealer must (PDF):

  1. Pass the Uniform Securities Agent State Law Examination (Series 63) or the Uniform Combined State Law Examination (Series 66);
  2. Pass the appropriate FINRA qualifying examination or obtain a waiver from FINRA; and
  3. File an application for registration (Form U-4) and pay a $40 filing fee with the Iowa Insurance Division.

Agents Selling Securities for Issuers and Receiving Compensation must:

  1. Pass the Uniform Securities Agent State Law Examination (Series 63) or the Uniform Combined State Law Examination (Series 66);
  2. Pass the appropriate FINRA qualifying examination or obtain a waiver from FINRA;
  3. Have the Issuer file with the Iowa Insurance Division an application which should include the following:
    • A statement of the issuer’s intent to employ the agent for the sale of its securities;
    • The name, address, social security number, and proof of satisfaction of requirement numbers 1 and 2, above, for each agent;
    • A complete description of the securities being sold; and
    • A complete and accurate Form U-4; and
  4. Pay a $40 filing fee to the Iowa Insurance Division. 

Continuing Requirements for Securities Agents and Agents of Issuers

  1. Annually renew on or before midnight on December 31 by satisfying the applicable requirements described above. (PDF)
  2. Comply with applicable continuing education requirements adopted by FINRA, NYSE, or other self-regulatory agency. (PDF)
  3. Promptly file an amended Form U-4 if any information becomes materially inaccurate or incomplete. (PDF)

Registration Withdrawal

Agents of a FINRA Member Broker Dealer must (PDF):

Agents of a Non-FINRA Member Broker Dealer must (PDF):

  • File a completed Form U-5 with the Iowa Insurance Division.

Agents Selling Securities for Issuers and Receiving Compensation must (PDF):

  • File a completed Form U-5 with the Iowa Insurance Division.