Mississippi Securities Licensing (2026): Exams & Registration
Understand Mississippi's securities license requirements for broker-dealers, agents, and investment advisers. Navigate application, exams, fees, and compliance in MS.
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Selling securities or providing investment advice for compensation in Mississippi requires a license from the Mississippi Secretary of State, Securities Division.
Quick Answer: Mississippi Securities Licensing Overview
Mississippi regulates securities professionals under the Mississippi Uniform Securities Act (Miss. Code Ann. § 75-71-101 et seq.). The Mississippi Secretary of State, Securities Division is the primary regulator. Broker-dealers, agents, investment advisers, and investment adviser representatives must register with the state before conducting business with Mississippi clients, unless an exemption applies.
Core requirements include:
- Registration through national depository systems (CRD for broker-dealers/agents, IARD for investment advisers/representatives).
- Passing qualification exams.
- Paying state registration fees.
- Maintaining ongoing compliance, including continuing education and annual renewal.
Key license categories are:
- Broker-dealers: Firms that buy and sell securities for others or for their own account as a business.
- Agents: Individual registered representatives who act on behalf of broker-dealers or issuers.
- Investment advisers (IAs): Firms or individuals compensated to advise others on securities.
- Investment adviser representatives (IARs): Individuals who provide advisory services on behalf of an investment adviser firm.
Who Needs a Securities License in Mississippi?
Broker-Dealers
Under Miss. Code Ann. § 75-71-102(4), a "broker-dealer"
Sources & Verification (5)
- Investment Advisers Act of 1940 (15 U.S.C. §80b-1 et seq.) — federal IA registration framework; firms under $100M AUM generally state-registered (NSMIA §203A).
- Securities Exchange Act of 1934 (15 U.S.C. §78a et seq.) — broker-dealer regulation, anti-fraud, and SEC supervisory authority.
- National Securities Markets Improvement Act of 1996 (NSMIA, Pub. L. 104-290) — preempts state registration of federal covered advisers and securities; states retain anti-fraud.
- Uniform Securities Act (NASAA model) — adopted with variations by most states; governs IAR registration, blue sky filings, and exemptions.
- FINRA Series 65 / 63 / 66 / 7 — uniform state and federal exams administered via Prometric; pass scores and content outlines published by NASAA/FINRA.
Last verified: June 7, 2026
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- Series 65 Exam Prep — Investment Adviser LawThe most common path to becoming a Registered Investment Adviser Rep in any state. Covers Uniform Securities Act, fiduciary duty, and fraud prevention.
- Series 66 Exam Prep — Combined State LawCombines Series 63 + 65 into a single test for candidates already holding Series 7. Required in most states for IAR registration.
- Series 7 Exam Prep — General Securities RepFINRA's broker-dealer rep license. Required by every state before selling general securities. Recently revised for the post-2018 split format.
- Investment Adviser Compliance Manual — Form ADV & CustodyHow to navigate the SEC/state Form ADV split, custody rule, and code of ethics. The reference RIA firms hand new compliance hires.