Series 66 Explained: Key Info for Aussies Investing in the US (2026 Guide)

The Series 66—officially the Uniform Combined State Law Examination—is a US qualification administered by FINRA (Financial Industry Regulatory Authority) for those who want to act as both securities agents and investment adviser representatives. Think of it as a catch-all license: rather than taking the Series 63 (state law) and Series 65 (investment adviser law) separately, candidates can cover both regulatory areas in one go.

• Who needs it? Anyone seeking to provide advice and execute securities transactions for US clients in most states.

• Prerequisite: Must be paired with the Series 7 exam (General Securities Representative Exam).

• Format: 100 scored questions, multiple choice, 150 minutes to complete. The pass mark is 73% as of 2026.

Recent updates by NASAA (North American Securities Administrators Association) in late 2024 have modernised content to reflect cryptocurrency regulation, new fiduciary standards, and ESG (environmental, social, governance) investing trends—hot topics for global investors.

Australian advisers and wealth managers are increasingly fielding requests from clients with US assets, dual citizenship, or global ambitions. Here’s why the Series 66 matters:

• Expanding Client Base: With a Series 66 (plus Series 7) and registration through a US firm, you’re eligible to advise American clients, including expats and dual nationals.

• Compliance Edge: Understanding US state and federal investment laws helps you avoid accidental breaches—especially with the SEC’s cross-border enforcement push in 2026.

• Global Partnerships: Many Australian firms are partnering with US-based RIAs (Registered Investment Advisers). Having Series 66-qualified staff smooths regulatory hurdles and builds trust.

Take the case of GlobalView Advisory, a Sydney-based boutique that partnered with a New York wealth manager in early 2026. By having two team members pass the Series 66, GlobalView expanded its services to US-Australian families and seamlessly navigated state registration requirements.

The Series 66 exam isn’t static. In 2026, major updates reflect the rapidly evolving regulatory landscape. Key changes include:

• Increased focus on digital assets: Questions now cover SEC and state guidelines for crypto investments and custody solutions.

• ESG and Responsible Investing: There’s greater emphasis on disclosure requirements and greenwashing risks.

• Heightened fiduciary standards: The exam tests your knowledge of the SEC’s Regulation Best Interest, which continues to shape adviser obligations in 2026.

Staying current isn’t just about passing the test—Australian professionals working with US clients need to keep up with annual continuing education (CE) requirements set by both FINRA and state regulators. Some firms are now offering joint US-Australian CPD programs to streamline compliance.

Ready to take the leap? Here’s a practical roadmap for Australians:

• Secure US Sponsorship: You’ll need a US-registered broker-dealer or investment adviser to sponsor your exam application.

• Pass Series 7: This is a prerequisite for the Series 66. Most candidates sit both within a 12-month window.

• Prepare for the Exam: Leading US test providers now offer remote proctoring for overseas candidates, making it easier than ever for Australians to sit the exam from home.

• Register with State Regulators: Once you’ve passed, work with your sponsor firm to register as an investment adviser representative in relevant US states.

While the process isn’t trivial, the career upside is significant. With over 8 million Australians holding direct or indirect US investments (according to the ASX 2026 Investment Trends Report), the demand for cross-border expertise is only growing.

Understanding the regulatory environment is crucial for Australian professionals engaging with the US market. Here’s how key Australian authorities intersect with your international ambitions:

Australian Securities and Investments Commission (ASIC)

ASIC plays a pivotal role in regulating financial services and ensuring market integrity in Australia. While ASIC doesn’t directly govern US qualifications like the Series 66, understanding its guidelines can help maintain compliance when advising Australian clients with US interests.

• Cross-border Compliance: Ensure that your advisory practices align with both ASIC and US regulations to avoid conflicts and potential penalties.
• Licensing Requirements: Even with a Series 66, Australian advisors must hold an appropriate Australian Financial Services Licence (AFSL) to offer financial advice locally.

Australian Taxation Office (ATO)

The ATO’s regulations on international income and investments are critical for Australians dealing with US assets.

• Tax Implications: Be aware of tax obligations on US-derived income, including potential double taxation issues. The Australia-US tax treaty can offer relief, but professional advice is recommended.
• Record Keeping: Maintain comprehensive records of all cross-border transactions to ensure compliance with ATO reporting requirements.

Case Study: Navigating Dual Regulations

Consider the case of Aussie Wealth Partners, a Melbourne-based firm that expanded its services to include US clients. By ensuring their advisors held both Series 66 and AFSL qualifications, they successfully managed compliance across jurisdictions. This dual approach allowed them to offer seamless advice to Australian expats in the US, enhancing client trust and satisfaction.

Example: Tax Strategy for Cross-Border Clients

Imagine advising a client with dual citizenship. By leveraging the Series 66 qualification, you can provide comprehensive advice on US securities while collaborating with Australian tax professionals to optimise their tax position. This holistic strategy not only maximises their investment returns but also ensures full compliance with ATO and IRS regulations.

What is the benefit of obtaining a Series 66 for Australian advisors?

The Series 66 allows Australian advisors to legally advise US clients, expanding their service offerings and client base. It also enhances their understanding of US regulations, which is crucial for managing cross-border investments.

How does the Series 66 complement Australian financial qualifications?

While the Series 66 is specific to the US, it complements Australian qualifications by broadening the advisor's regulatory knowledge and enabling them to offer services to a more diverse client base, including those with US ties.

Are there continuing education requirements for Series 66 holders?

Yes, Series 66 holders must meet ongoing continuing education (CE) requirements set by FINRA and state regulators. This ensures advisors remain up-to-date with regulatory changes and industry best practices.

• Australian Securities and Investments Commission (ASIC)
• Australian Taxation Office (ATO)
• Financial Industry Regulatory Authority (FINRA)
• North American Securities Administrators Association (NASAA)

By integrating these additional insights, Australian financial professionals can better navigate the complexities of cross-border advising, ensuring compliance and maximising opportunities in the US market.