On January 5th, the Financial Industry Regulatory Authority requested comment on proposed consolidated FINRA rules governing securities loans and borrowings, and permissible use of customers' securities and callable securities. Proposed FINRA Rule 4330 (Customer Protection--Permissible Use of Customers' Securities) sets forth the requirements applicable to a FINRA member firm's borrowing or lending of a customer's margin securities that are eligible to be pledged or loaned, while proposed FINRA Rule 4340 (Callable Securities) sets forth the obligations applicable to any callable securities that a member firm has in its possession or control. The proposal would to eliminate certain NASD and NYSE Rules and Rule Interpretations. Comments should be submitted on or before March 8, 2010. FINRA Regulatory Notice 10-03.