CRD System AG Qualification Requirements

The AG position is the designation used in Form U4 as part of the CRD® Program to identify a person who has been approved to sell securities in a particular jurisdiction. Many states require qualification by examination for this position; however, the qualification requirements vary between jurisdictions. The North American Securities Administrators Association (NASAA), after consultation with jurisdictions, has provided the qualification requirements utilized by the CRD program to establish the AG position. For any questions that you may have regarding licensing requirements, please contact the jurisdiction directly.

 

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AG Qualification Requirements

Colorado (CO), District of Columbia (DC), Florida (FL), Louisiana (LA), Maryland (MD) and Puerto Rico (PR) do not require the Series 63 (S63) exam. To qualify for the AG position in all other jurisdictions, CRD requires that an individual meet at least one of the following criteria:

  1. Passed or received credit for the S63 exam, and it is still valid 
  2. Passed the Series 66 (S66) exam within two years of application, and:
    • Passed the Series 7 (S7) exam and it is still valid; or
    • Passed (or received credit for) the SIE and the Series 7 top-off exam (S7TO), and both exams (or credits) are still valid; or
    • Been granted a waiver of the S7 (or SIE and/or S7TO), and it is still valid.
  3. Received an Exam Validity Extension Program (EVEP) credit for the S63 exam that is still valid, and AG is requested in an EVEP participating state.

 

Credit

An S63 credit will be granted when:

  1. An individual obtains an approved AG registration based on criteria 2 in the section above.
  2. A firm filed an application for the AG registration while the individual’s S63 (exam or credit) was still valid (within two years of termination) but AG approval is obtained more than two years after termination, at which time the S63 (or prior S63 credit) validity had expired.

 

Historic Credit

An individual may have obtained an S63 credit based on rules in place prior to May 27, 2023. Credits granted under the historic rules will continue to be honored, but new credits will be granted only for the reasons above.

 

Validity

  1. Upon passing the S63, the exam is valid for two years to qualify an individual for an AG registration.
  2. S63 validity may be maintained beyond two years by obtaining AG registration:
    • Once an individual becomes AG registered, the S63 will remain valid as long as they hold that registration.
    • Once an individual ceases being AG registered, the S63 will remain valid for two years from the date of termination that the firm provides on the full Form U5.
    • S63 validity may be maintained in participating jurisdictions for up to five years from termination by obtaining an EVEP credit through participation in NASAA’s EVEP.
  3. Upon passing the S66, the exam is valid for two years only. Note: The S66 exam is not the default base qualification exam for any registration; therefore, validity cannot be maintained beyond two years.

 

Manual Review

In addition to meeting the qualification requirements documented above, a jurisdiction may require an AG application to be processed through the jurisdiction’s Manual Approval Queue for several reasons. The jurisdiction can then determine whether the application meets the jurisdiction’s requirements. 

For information on credit and validity rules for FINRA exams, see the Exam Credit and Exam Validity Page.

For information about NASAA’s EVEP, see NASAA’s website.