Important Announcement Regarding Changes to the Series 63, 65, and 66 Exams

Please note the following changes will be effective for Series 63, 65, and 66 exams on January 1, 2010.

Series 63

No new exam topics or information has been added to the exam; however, the topical breakdown has been changed to reflect the following:

• Registration of Securities and Issuers will decrease from 15 to 6 questions
• Ethical Practices and Fiduciary Obligations will increase from 21 to 24 questions
• Regulation of Broker/Dealers, Investment Advisers, and Agents will increase from 18 to 24 questions
• Administrative Provisions will remain at 6 questions

The total number of questions will remain at 60, but the passing score has been raised from 70% to 72%.

Series 65

New topics have been added to the exam to better represent current industry trends. This includes the addition of Capital Market Theory and Types of Accounts. The topical breakdown of the exam has also changed to reflect the following:

• Economics and Analysis will decrease from 20 to 19 questions
• Investment Vehicles will increase from 26 to 31 questions
• Investment Recommendations and Strategies will increase from 39 to 40 questions
• Legal and Regulatory Guidelines, including Prohibition on Unethical Business Practices, will decrease from 45 to 40 questions

The total number of questions will remain at 130, but the passing score has been raised from 68.5% to 72%.

Series 66

New topics have been added to enhance test candidates’ knowledge of Economic Factors, Investment Vehicle Characteristics, and Investment Recommendations and Strategies. Due to addition and increased emphasis of these topics the topical breakdown of the exam has also changed to reflect the following:

• Investment Recommendations, and Strategies will increase from 20 to 50 questions
• Legal and Regulatory Guidelines, including Prohibition on Unethical Business Practices, will be reduced from 80 to 50 questions

The total number of questions will remain at 100, but the passing score has been raised from 71% to 75%.