Publication Type
Blog Post
Book Title/Conference/Journal
Oxford Business Law Blog
Year
3-2024
Abstract
Securities markets have been at the forefront of digital transformation since the beginning of scalable computing in the 1960s. In 2022, the Financial Industry Regulatory Authority (FINRA) in the United States began piloting a ‘machine-readable rulebook’ and related online information services. Based on a 2023 response to FINRA’s request for public comment, we outline how the regulator’s work on ‘digital rules’ could be scaled and systematically integrated into the operations of its member entities: experimentation with a Large Language Model (LLM) to help pre-structure FINRA rules in controlled natural language (CNL) and the use of Data With Direction Specification (DWDS) components to represent ‘rules-as-data’ for online publication and access via ‘an Internet of Rules’ (IoR).
Keywords
RegTech, Machine-readable rulebook, Financial market regulation, Large language model, Controlled natural language, Rules-as-data, Internet of Rules, FINRA
Disciplines
Banking and Finance Law | Law
Subject(s)
Applied or Integration/Application Scholarship
Version
publishedVersion
Language
eng
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.
Format
application/PDF
Citation
ATKINSON, Craig and POTVIN, Joseph.
‘Datafying’ financial market regulations: A RegTech experiment with the FINRA rulebook. (2024). Oxford Business Law Blog. 4.
Available at: https://ink.library.smu.edu.sg/cdl/3
Additional URL
https://blogs.law.ox.ac.uk/oblb/blog-post/2024/03/datafying-financial-market-regulations-regtech-experiment-finra-rulebook