FINRA announced the launch of a machine-readable rulebook initiative designed to enhance firms’ compliance efforts, reduce costs, and aid in risk management. The machine-readable rulebook was developed by creating and embedding a taxonomy, which was applied or tagged to the 40 most frequently viewed FINRA rules.
As part of this initiative, FINRA created a prototype—the FINRA Rulebook Search Tool™ (FIRST™). The embedded taxonomy allows users to apply the enhanced features in FIRST to find specific content by enabling users to begin their search with a broad topic. Subsequently, the users can narrow down to specific topics by using sub-categories and combinations of multiple terms.
In addition, FINRA is offering access to the taxonomy terms that have been tagged to each of the 40 rules through an Application Programming Interface (API). This feature enables member firms seeking to automate compliance functions to link the FINRA rule content and the taxonomy terms to their internal compliance policies and procedures.
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