Research On The Legal Issues Of The Supervision And Management Of Robo-advisor

Robo-advisor is an important direction for the development of financial technology with data and technology as the core driving force.It uses a computer program system with artificial intelligence to complete the traditional financial consulting services provided by humans based on the customer's financial needs and building a data model through algorithms and products.In terms of the nature of Robo-advisor,it should be part of a comprehensive portfolio of securities investment consulting and asset management businesses.In China,the development of Robo-advisor is facing three problems: First,the "Securities Law" and related regulations have obvious lag in comparison with the development trend of Robo-advisor.The specific manifestation is the conflict between the “Discretionary account” service and the “Securities Law” §171,and the actual conflict between the license system and the securities investment consulting license suspension.Second,due to the special nature of Robo-advisor such as the ambiguity of intelligent investment advice,lack of specific regulations,and professionalism of algorithms,these problems pose new challenges to traditional supervision.Third,Robo-advisor use small investors as their main users,and it is imperative to establish corresponding protection mechanisms for investors' rights and interests.In the face of the above problems,this paper combines the development status of China's intelligent investment advice and puts forward corresponding regulatory recommendations:First,amend Article 171 of the "Securities Law" to establish the access rules for Robo-advisor and resumption of licenses.Second,establish Robo-advisor algorithm models,client investment portfolios,and industry norms to prevent conflicts of interest as soon as possible,and improve supporting dispute resolution.The settlement mechanism and the corresponding compensation arrangements;Finally,clarify the obligations of information disclosure and investor suitability of the Robo-advisor platform,and establish a corresponding investor protection system.This article consists of three parts: introduction,body and conclusion.The text is divided into four parts:The first part is an overview of Robo-advisor and supervision and the necessity of supervision.First of all,this paper begins with the definition of Robo-advisor,analyzes the current status of domestic and foreign identification of Robo-advisor,and establishes the research object based on this;By sorting out the development prospects of Robo-advisor at home and abroad this paper discusses the operating principles and features of Robo-advisor,the significance of the development of Robo-advisor in China is clarified.Finally,starting from the inner point of Robo-advisor,This article discusses the need for supervision of Robo-advisor.The second part is the status quo and existing problems of the legal supervision of Robo-advisor in China.First of all,through the empirical research on the operating model of the domestic Robo-advisor platform,the characteristics of the domestic Robo-advisor t operation model are summarized.Secondly,it analyzes the current situation of China's Robo-advisor supervision,and on this basis,it clarifies the problems in China's Robo-advisor supervision.The third part is the overseas supervision experience of Robo-advisor.This part sets out from the regulatory practices in the United States,Australia,the United Kingdom,Germany and other countries and regions,and discusses in detail the experience of extraterritorial supervision of Robo-advisor and its implications for China.The fourth part is specific recommendations for the supervision of China's Robo-advisor industry: First,it clarified the regulatory framework and regulatory philosophy of Robo-advisor.Specifically speaking,it is necessary to protect the interests of investors as the primary goal,while focusing on the balance between risk control and financial efficiency,to follow the principle of “technology neutrality”,and conduct supervision in accordance with the nature of Robo-advisor.On this basis,it is proposed to revise the relevant lagging legal regulations,and to establish intelligent investment algorithm models,customer investment portfolios,and industry norms to prevent conflicts of interest.Finally,it is necessary to clarify the obligations of information disclosure and investor suitability of the Robo-advisor company,and establish a corresponding investor protection system.