北京邮电大学学报(社会科学版) ›› 2020, Vol. 22 ›› Issue (4): 9-16.doi: 10.19722/j.cnki.1008-7729.2020.0130

• 互联网治理与法律 • 上一篇    下一篇

智能投顾监管风险的因应对策

丁国民(1966—),男,湖北宜城人,博导,教授   

  1. 福州大学 法学院,福建 福州350108
  • 收稿日期:2020-05-23 出版日期:2020-08-30 发布日期:2020-09-19
  • 作者简介:丁国民(1966—),男,湖北宜城人,博导,教授

Causes and Countermeasures of Robo-Advisor Regulatory Dilemma#br#

  1. School of Law, Fuzhou University, Fuzhou 350000, China
  • Received:2020-05-23 Online:2020-08-30 Published:2020-09-19

摘要: 智能投顾行业的兴起,冲击了当前金融证券市场上传统人工投顾的经营模式。智能投顾所带来的低成本、高效率、高度自动化及其适应性,给中小投资者带来了福音,推进了我国普惠制金融的发展。然而,智能投顾在建立新型投资咨询模式的同时,也在挑战当前的金融监管模式。智能投顾的运行缺乏资本有效配置、投资者权益保护、系统风险防控这三大核心的监管。针对智能投顾行业的配套监管措施尚属空白,也导致其发展面临合规风险、信义风险、算法风险等法律风险。在借鉴国际有益经验,坚持三大监管目标基础上,本文从算法监管、网络安全、信义义务和利益衡平等角度考虑配套的监管手段,以期解决智能投顾领域的监管困境。

关键词: 智能投顾, 金融监管, 监管目标, 算法监管

Abstract: The rise of Robo-Advisor has impacted the investment advisor operation model in the current financial securities market Low cost, high efficiency, high automation and adaptability brought by Robo-Advisor have brought good news to small and medium investors and promoted the development of China’s GSP finance However, while establishing new investment advisor operation model, Robo-Advisor also challenges the current financial regulatory system Because of a lack of appropriate regulatory measures, the operation of Robo-Advisor may deviate from the three core regulatory objectives of effective capital allocation, investors’ interests protection, and system risk prevention The lack of supporting regulatory measures for Robo-Advisor industry also results in legal risks such as compliance risk, fiduciary risk and algorithm risk in its development On the basis of referring to international experience and adhering to the three regulatory objectives, the supporting regulatory means are considered from the four perspectives of algorithm regulation, network security, fiduciary duty and the principle of proportion, in order to overcome the regulatory dilemma in the field of Robo-Advisor

Key words:  Robo-Advisor, financial?regulation, supervisory objective, algorithm regulation

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