Research On Legal Issues Of Financial Supervision In Intelligent Investment Advisory

With the development of the fintech wave,China will inevitably have to go deeper in it.In 2016,the State Council issued the "13th Five-Year Plan" National Science and Technology Innovation Plan notice,clearly stating that only by grasping the world's cutting-edge trends in science and technology development can we be passive Become proactive,actively participate in the construction of the world financial order,and lead the development of global financial technology.Intelligent investment advisory started in the United States after the financial crisis in 2008 and began to develop in China in 2016.Due to its low cost,high service efficiency,and the provision of personalized services,it has developed rapidly since its emergence and has a wealth of financial management.Funding scale.Intelligent investment advisors are essentially using algorithmic technology to provide investment consulting,asset management and other services,but different from foreign financial supervision models,the financial model of China's separate supervision also makes intelligent investment advisory financial supervision have many problems.For example,general financial supervision issues such as the difficulty of putting investors in place and the traditional fiduciary duties facing new challenges,the prohibition of discretionary commissions,and the lack of algorithmic supervision,etc.In order to better promote the development of this emerging financial service model and protect the rights and interests of investors,we start from the perspective of financial regulation,sort out the development status and problems of China's intelligent investment advisory,and summarize the regulatory experience of the United States,Britain and Australia The financial supervision of the intelligent investment adviser puts forward suggestions for improvement,with a view to better development of the intelligent investment adviser.The first part is the theoretical basis of combing the theory of intelligent investment consulting.First of all,the legal definition of intelligent investment advisors is defined from the three aspects of the definition and legal nature of intelligent investment advisors,the analysis of the status of the subject,and the responsibility to bear.Favorable changes in financial and financial management concepts.On this basis,it discusses the necessity of financial supervision of intelligent investment advisors from the theoretical and practical basis,so as to put forward the corresponding financial supervision principles.The second part is to sort out the current situation and existing problems of China's intelligent investment consulting.According to the development status of domestic intelligent investment advisory,compared with foreign markets,it summarizes the shortcomings of China's intelligent investment advisory market,such as fewer product types and immature investor financial management concepts.Current status of financial regulation.From the perspective of generality and particularity,analyze the current legal problems in China's intelligent investment advisory financial supervision: First,in general issues,such as the appropriateness system of investors,the fiduciary duty of operators and the investor protection system,These problems also exist in the field of traditional investment services,but it is only based on the characteristics of intelligent investment consulting artificial intelligence that puts forward higher regulatory requirements for these regulations.Secondly,among the specific issues,the market subject's access,the prohibition of discretionary business,and the supervision and disclosure of algorithms are revealed with the development of intelligent investment advisors,and have the unique characteristics of intelligent investment advisors.The third part introduces the financial supervision experience of intelligent investment advisors outside the region and draws corresponding enlightenment from it.As the birthplace of intelligent investment advisory,the United States is relatively mature and mature in its financial supervision system and experience.It puts intelligent investment advisory under the framework of the Investment Advisors Act 1940;Regulation,so that it can not only highlight novelty but also abide by traditional laws;the British regulatory sandbox model has been proven to effectively supervise emerging financial innovation companies and maximize the protection of investors 'interests.On the basis of drawing on the experience from outside the region,we can combine traditional experience to innovate the supervision system and strictly supervise the standards to innovate supervision methods.The fourth part puts forward corresponding suggestions for the improvement of financial supervision of intelligent investment advisers.For general issues,it is necessary to improve the appropriateness system,emphasize the fiduciary duty,and protect the rights and interests of investors from multiple angles.For specific issues,it is necessary to clarify the market access issues operated by intelligent investment advisors,and at the same time to clarify the boundaries of the entrusted business,strengthen algorithm disclosure and form a comprehensive regulatory system.In addition,we can learn from the British sandbox model of supervision and leave some room for trial and error for the innovation of financial technology.Finally,we must innovate the concept of supervision,introduce the concept of social supervision,and implement the principle of penetrating supervision.