Financial Industry Regulatory Authority (FINRA) staff will provide a demonstration of their machine-readable rulebook initiative. As part of this initiative, FINRA developed a taxonomy - a method of classifying and categorizing a hierarchy of key terms and concepts - that was applied or "tagged" to the 40 most frequently viewed FINRA rules. The taxonomy allows users to apply an enhanced search feature to find specific content by starting with a broad topic and then narrowing down to more specific topics through sub-categories and combinations of multiple terms. Based on the taxonomy, FINRA created a prototype of a rulebook search tool - the FINRA Rulebook Search Tool™ (FIRST™). FIRST is a taxonomy-based rulebook search tool designed by FINRA to make the FINRA rulebook more accessible when searching for relevant information or developing automated compliance functions. FIRST is enabled by a regulatory taxonomy applied, or "tagged," to a series of FINRA rules.
The taxonomy enhances the FINRA rulebook by allowing users to narrow down the universe of potentially applicable rules through sophisticated search filters. In addition, the FINRA Application Programming Interface (API) Platform provides a rulebook API that enables users to receive rule content, including the taxonomy terms tagged to each of the 40 rules. These may be mapped to internal compliance systems and can facilitate the development of automated compliance tools.
Our hope is that attendees will understand how FINRA's machine-readable rulebook initiative can help enhance firms' compliance efforts, reduce costs, and aid in risk management.
For more information, attendees may read the Special Notice: FINRA Requests Comment on Its Machine-Readable Rulebook Initiative.
Afshin Atabaki is Special Advisor and Associate General Counsel in FINRA's Office of General Counsel, Regulatory Practice and Policy. Mr. Atabaki has over 20 years of experience rendering expert legal advice to FINRA management and staff in connection with key regulatory requirements and policy initiatives. He is also a subject matter expert on a wide range of regulatory areas and is responsible for developing and interpreting the related rules
Nick Vitalo is Assistant General Counsel in FINRA's Office of General Counsel, where he is responsible for developing and interpreting FINRA rules and providing legal and policy advice to FINRA management and staff. Mr. Vitalo's responsibilities involve a variety of regulatory policy initiatives and rule changes/interpretations including broker-dealer registration, books and records, anti-money laundering, customer complaint reporting and associated persons issues. Mr. Vitalo has been with FINRA in a variety of legal roles since 2015 and OGC since 2019.
Alex Khachaturian serves as a Director in the Office of Financial Innovation at FINRA. Mr. Khachaturian supports the Office's mission in the identification and analysis of emerging technologies, laws and regulations, business models, and industry practices (both domestic and international) to inform FINRA's risk management and strategy goals. His primary area of focus, in recent years, has been at the intersection of technology, law, and regulatory compliance.
Please note 6:00pm BST event time.
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