Research On The Risk Prevention In Law System For Robo-adviser Of Customer Funds Carte Blanche

Robo-adviser has entered China since 2014.With the development in recent years,it has begun to take shape and has made some achievements.However,there is no law that can really specify it.Robo-adviser of Customer funds carte blanche is a kind of Robo-adviser.It based on the basic information provided by the customer,drawing the custom portrait.It is a new investment adviser mode that combines modern asset portfolio theory,network big data and artificial intelligence to manage customer's capital account with full power through algorithm program.It has the inherent advantages of low cost,high income and wide audience,but there is no relevant legal system to regulate it in China,resulting in a regulatory gap.This paper focuses on the analysis of the risk of Robo-adviser of Customer funds carte blanche,and according to the development of domestic Robo-adviser,combined with the relevant experience abroad,design a set of suitable for the current development of China's Robo-adviser of Customer funds carte blanche legal system.First of all,this paper makes a simple definition of Robo-adviser of Customer funds carte blanche and Robo-adviser,explains the necessity of the distinction between them,and points out the significance of discretionary investment in the field of Robo-adviser.Then it explains the specific risk types of Robo-adviser of Customer funds carte blanche,including risk of Self-dealing and mutual agency,technical algorithms and legal and policy,pointed out that such risks may lead to specific harm to customer capital accounts,financial industry credit and government regulation.In terms of overseas experience,focusing on the countries represented by the United States,Australia and the United Kingdom,analyzed of the access system for the operation subject of the investment adviser,the multi-stage information disclosure system,the compulsory professional liability insurance system and the "regulatory sandbox" system,and points out the part which is worth using for reference.In the specific system to prevent the risk of customer capital discretionary intelligent investment.On the whole,it can be started from three aspects: preventing self-dealing and agency of both sides,technical algorithm and legal policy risk.For example,at the level of preventing self-dealing and agents of both sides,the admittance standards of the operational subjects of the investors can be determined to prevent the occurrence of risks at the source.Establish multi-stage information disclosure system and carry out continuous tracking supervision.In addition,the punishment for such illegal operations can be clearly defined,and a code of conduct for related parties can be established to prevent the occurrence of such risks from various aspects.In the risk of technical algorithm,such as "supervision sandbox",identification of responsibility subject and obligation bearing system can be established,and "two-stage review law" rules can be set up from the two stages of algorithm programming and actual operation to prevent the harm of technical algorithm risk.In law and policy risk level,should first clear carte Blanche type intelligent cast of legitimacy,to eliminate this kind of business compliance risk,coupled with the contract law,the tort liability act "format contract" and "no-fault liability principle" and so on related theory,establish customer money carte Blanche type intelligent interest risk prevention legal system.