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ARTICLE · 12 JANUARY 2010

FINRA Issues Proposed Rules On Securities Lending, Permissible Use Of Customer Securities And Callable Securities

Fried Frank Harris Shriver & Jacobson
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As part of the process of developing a consolidated rulebook, FINRA has proposed FINRA Rules 4314 (Securities Loans and Borrowings), 4330 (Customer Protection – Permissible Use of Customer Securities) and 4340 (Callable Securities).

United StatesFinance and Banking
Jessica Forbes
Jessica Forbes
Gregory Gnall
Gregory Gnall

As part of the process of developing a consolidated rulebook, FINRA has proposed FINRA Rules 4314 (Securities Loans and Borrowings), 4330 (Customer Protection – Permissible Use of Customer Securities) and 4340 (Callable Securities).1 Rule 4314 sets forth the requirements for a member firm that is a party to an agreement for the loan or borrowing of securities. Rule 4330 governs the borrowing or lending of a customer's margin securities that are eligible to be pledged or loaned and Rule 4340 establishes the obligations of a member as to callable securities in its possession or control. The comment period for the proposed rules expires on March 8, 2010. The entire release can be viewed by clicking here. (http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p120691.pdf)

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