Research On Legal Regulation Of Robo-advisor In China

In recent years,driven by financial technology innovation,Robo-adviser has become a new type of financial industry.This not only increases the possibility of realizing HP finance,but also subverts the traditional business model.Compared with developed countries in Europe and America,China's Robo-adviser started late,but due to low investment threshold,strong risk management and control,low service costs and other advantages,the industry has developed rapidly.In essence,although Robo-adviser has not changed the legal relationship of the traditional investment consultant industry,the application of artificial intelligence,such as algorithmic program,makes it unable to fully adapt to the existing financial supervision system.There are some problems such as imperfect supervision system,unclear responsibility definition and insufficient investor protection,which affect the healthy development of China's Robo-adviser.In the face of this situation,China's regulatory authorities have also paid attention to this,that is,in order to standardize market behavior and promote industry development,in April 2018,China Securities Regulatory Commission(CSRC)included Robo-adviser into the regulatory framework for the first time in the new regulations on asset management,but the specific rules have not yet been issued,which can not meet the needs of the market.In view of this,this paper,from the perspective of the combination of economic law and social law,aims to maintain the stability of financial order and protect the rights and interests of investors,discusses the legal problems existing in China's Robo-adviser,and puts forward reasonable countermeasures and suggestions to solve the difficulties and obstacles in the development process and promote the healthy development of China's Robo-adviser.This paper mainly discusses the legal regulation of Robo-adviser from four parts.The first part is the overview of Robo-adviser.First of all,starting from the definition,characteristics,advantages and operation mode of Robo-adviser,this paper expounds the basic concept of Robo-adviser,and establishes the understanding foundation of Robo-adviser.It also points out the development status and Prospect of Robo-adviser in China,which leads to the necessity of legal regulation.The second part is the current situation of legislation at home and abroad about Robo-adviser.With combing and analysing,this paper finds the gap in the comparison,and pointed out that its advanced legislative experience is worth our reference.The third part is about the legal problems faced by Robo-adviser in China.In the process of its development,combined with its characteristics and the background of the times,this paper analyzes the legal dilemmas of Robo-adviser in China from five aspects: market access,fiduciary duty,investor protection,supervision system and legal responsibility.The fourth part is the countermeasures and suggestions on the legal regulation of Robo-adviser in China.In view of the above legal issues,this paper puts forward measures to improve the supervision system of Robo-adviser.This paper attempts to build the legal regulation system of Robo-adviser,and realizes the balance between supervision and innovation.