FINRA has clarified what the customer maintenance margin requirements are for equity securities that are not considered margin securities under Regulation T. The FINRA notice also clarifies that the maintenance loan value of non-margin eligible equity securities may only be applied to a maintenance margin deficiency, and cannot be used for additional transactions or withdrawals. Firms have until July 1, 2011, to comply with these requirements. Relevant to the Series 7, Series 62 and Series 24 exams.
http://www.finra.org/Industry/Regulation/Notices/2011/P123451