• Before an individual may sell stocks in Delaware, he must pass meet certain requirements.stocks and shares image by Andrew Brown from Fotolia.com
  
  It is illegal for any person to sell stocks in Delaware if they are not registered according to Chapter 23 of Delaware State Code. This Securities Act requires that the person who wants to sell stocks (the securities agent) meet basic requirements. He must pass certain exams and must register with the Securities Commissioner of the Delaware Division of Securities.
  
  

Series 7

• The Series 7 is an exam administered by the Financial Industry Regulatory Authority. All persons wishing to become securities agents in Delaware or anywhere in the U.S. must pass this test. As a minimum competency exam, the Series 7 was established as a "safeguard the investing public by helping to ensure that registered
  
  representatives are competent to perform their jobs." If a person passes the exam with a score of 70 percent or higher, then she is granted her securities license and may sell stocks within the U.S. The test itself consists of 250 multiple-choice questions that must be completed within six hours.
  
  

Series 63

• In addition to the Series 7 exam, securities agents in Delaware must also pass the Series 63 exam. This exam ensures that a securities agent is competent to sell stocks within a particular state. The Series 63 Exam for Delaware tests knowledge on state-specific laws and regulations involving the sale of stocks. The potential agent is given 75 minutes to complete the exam, and must score at least 72 percent in order to be considered competent to sell stocks in Delaware. Taking the test costs $96 (as of 2010), and potential agents can take the test as many times as they want, though they must wait at least 30 days after the first or second failure to retake the exam. After third and subsequent failures, a potential agent must wait 180 days before retaking the Series 63. Once an individual has passed, he is granted a securities license enabling him to sell stocks in specifically in Delaware.
  
  

Other Tests

• The Series 7 and Series 63 exams only allow for the basic sale of securities in Delaware. For securities agents wishing for more responsibility in the state, additional testing may be needed. Generally, it is FINRA that offers these additional tests. Some examples include the Series 9 and 10 exam (for individuals wishing to become securities sales supervisors), the Series 28 (which qualifies a person to introduce and keep records pertaining to new brokerage firms), and the Series 55 (required for persons wishing to trade equity and convertible debt).
  
  

Delaware Registration

• After having passed at minimum the Series 7 and the Series 63 for Delaware, securities agents must them register with the Securities Commissioner of the state. Typically, it is the securities firm that an agent works for that will register him with Delaware State by filing a U-4 form, providing proof that he has passed Delaware's Series 63 exam, and paying a $50 registration fee per agent (as of 2010).