Master data services - EDIT access only

Hi Gurus,
I am wondering if there is an option in Master data services where I can restrict the users to only edit the records and in this case they cannot delete the records.  I see that, the update option allows both edit and delete access.  
Also, in the security privileges table, what does the execute and control privilege exactly mean. 
Thank you  everyone for contributions and keeping it active and wonderful.

In the SQL2012 or SQL2014 release, there are 3 permissions, Deny, Update, ReadOnly.
Update means user can Create, Delete, Update.
In the SQL vnext, we are considering has granular permission as CRUD.
For now, as a workaround, I think you can give user ReadOnly permission on the entity or membertype (leaf) level, and give update permission on each attribute. So they can edit the attribute, but cannot create/delete the member.
Execute and control privilege are deprecated level from SQL 2008R2. They have no effect and are completely removed in the next release in the UI.

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