Texas Securities License Requirements: Your Complete Guide

Navigate Texas securities license requirements for agents, broker-dealers, and investment advisers. Understand state-specific exams, application processes, and compliance with Texas Blue Sky Law.

Verified May 14, 20269 statute sources

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TexasSecurities / blue sky licensing

Quick Answer: Texas Securities Licensing Overview

Texas securities licensing involves two simultaneous tracks: federal registration or examination requirements through FINRA, and state-level registration with the Texas State Securities Board (TSSB). Passing a FINRA exam does not automatically authorize business operations in Texas; separate TSSB registration is mandatory.

Three primary categories of individuals require a Texas securities license:

Agents: Registered representatives who sell securities on behalf of a broker-dealer.
Broker-dealers: Firms that buy and sell securities for their own account or for customers.
Investment advisers and investment adviser representatives: Those who provide investment advice for compensation.

Exam requirements typically include: agents need the Securities Industry Essentials (SIE) exam plus a qualifying exam like the Series 7, along with the Series 63 state law exam. Investment adviser representatives usually need the Series 65, or the Series 7 combined with the Series 66. The TSSB manages state registration through the Central Registration Depository (CRD) and Investment Adviser Registration Depository (IARD) systems, both operated by FINRA.

Texas securities law is primarily found in the Texas Securities Act, located at Texas Occupations Code Title 12, Chapter 4001 (Tex. Occ. Code §4001.001 et seq.), commonly known as the Blue Sky Law. The Texas Administrative Code Title 7, Part 7 contains the TSSB's implementing rules.

Who Needs a Securities License in Texas?

Definitions Under Texas Law

The Texas Securities Act provides specific definitions that determine licensing requirements (Tex. Occ. Code §4001.051 et seq.):

Agent: An individual who represents a broker-dealer or issuer in effecting or attempting to effect purchases or sales of securities. This term does not include a partner, officer, or director of a broker-dealer or issuer whose participation in securities transactions is limited to certain clerical or ministerial functions.

Broker-dealer: A person engaged in the business of buying or selling securities for the account of others or for their own account. Broker-dealers must register as entities, separate from the registration of their individual agents.

Investment adviser: A person who, for compensation, engages in the business of advising others about the value of securities or the advisability of investing in, purchasing, or selling securities (Tex. Occ. Code §4001.062). This includes firms and sole practitioners.

Investment adviser representative (IAR): An individual employed by or associated with an investment adviser who makes recommendations, manages client accounts, determines which advice to give, or supervises employees performing these functions.

Activities That Trigger Registration

A license is required if you are:

Soliciting or accepting orders to buy or sell securities in Texas.
Receiving transaction-based compensation for securities sales.
Providing individualized investment advice for a fee, commission, or other compensation.
Managing discretionary investment accounts for Texas clients.
Supervising individuals who perform any of the above activities.

Common Exemptions

Not all individuals involved with securities require a Texas license. Key exemptions include:

Federal covered investment advisers: Firms registered with the SEC under the Investment Advisers Act of 1940 (generally those with $110 million or more in assets under management) are

Sources & Verification (9)

Relating to the interoperability of emergency communication equipment and infrastructure in this state, including the creation and operation of the Texas Interoperability Council, a grant program administered by the council, and the purchase of certain public safety radio communication systems.
Urging the Department of Homeland Security to expedite the approval of all FEMA applications for flood mitigation projects in Texas.
Recognizing John Weldon Koenig on the occasion of his 90th birthday.
Recognizing Richard L. Jankovsky III on the occasion of his retirement.
Expressing support for a federally owned transcontinental pipeline system that runs from the western coast of the Mexico-United States border to refineries located along the Gulf Coast of Texas and Louisiana.
Relating to public school accountability and transparency, including the implementation of an instructionally supportive assessment program and the adoption and administration of assessment instruments in public schools, indicators of achievement, public school performance ratings, and interventions and sanctions under the public school accountability system, a grant program for school district local accountability plans, and actions challenging Texas Education Agency decisions related to public school accountability.
Relating to the use of certain federal funds received by the state to provide property tax refunds to Texas homestead owners.
Relating to state and local government disaster preparedness.
Relating to public school accountability, including reducing state required accountability exams to the minimum required by federal law and replacing current state required assessments with instructionally supportive assessments.

Last verified: May 14, 2026

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