FINRA Requests Feedback on Electronic Rulebook

FINRA solicited comments on its prototype of a taxonomy-based machine-readable rulebook to assist users to more readily analyze and search the agency's rules. Comments are due by December 20, 2022.

FINRA said that the rulebook would improve accessibility to hard copies of FINRA's rules, which will enhance firms' ability to comply and help better manage risks. FINRA said that it is working to design an embedded taxonomy, which would help filter and classify a list of key terms and concepts resulting in a less time-consuming, more efficient process for compliance officers to review FINRA's rules. As part of a trial process, FINRA said that it developed an advanced search tool called the FINRA Rulebook Search Tool ("FIRST"), which incorporates the taxonomy of the 40 most searched rules.

FINRA requested public input on the development of the new taxonomy and search engine. Specifically, FINRA requested feedback on the development of (i) the taxonomy, (ii) the enhanced search features offered by FIRST, (iii) additional content available on the platform and (iv) any challenges experienced from using the user interface.