| With the improvement of living standard,people's demand for scientific and efficient asset allocation and wealth management is also increasing.Because of the development of Fintech and the support of financial policies,professional and highcost investment consulting services have been gradually democratized,and robo-advice have emerged as the times require.There is no unified definition of robo-advice in theory and practice.Different countries and institutions have different definitions,such as robot investment,automated investment tools,automated advice tools,intelligent financial management,and so on.And the scope of business defined is also not the same.Generally speaking,robo-advice is a kind of dynamic asset allocation,based on the forecast earnings targets,investment preferences and investor's risk level,using big data analysis,the quantitative financial model and intelligent algorithm,to provide advice to the investment,keep the dynamic monitoring on the market,and carry out automatic rebalancing of original asset allocation.Essentially robo-advice is an "onestop" financial services.Compared with traditional investment,robo-advice has the characteristics of universality,professionalism and convenience.Robo-advice has dual functions of investment adviser and asset management.Under the current legal system and regulatory framework in China,robo-advice is faced with difficulties in the entry,operation and exit stages.Targeting operators' regulation and investor protection,based on robo-advice legal relationship analysis,the study draw lessons from other countries' robo-advice regulation,and propose suggestions of robo-advice legal regulation.This study is committed to Eliminating obstacles for each development stage of robo-advice,standardizing the financial order,improving supervision effectiveness,so as to promote the development of inclusive finance,maintain the stability of the financial market,promote the financial innovation!Besides the introduction and conclusion,this study is comprised of four chapters.Chapter one introduces the overview of robo-advice.Firstly,the origin and development of robo-advice are sorted out,covering the background,the business development in the world and the current situation in China.Secondly,it discusses the concept and essence of robo-advice.Through sorting out the definition of the concept and business scope of robo-advice by different countries and institutions,the study analyzes the business essence of robo-advice.Then,it summarizes the patterns and characteristics of robo-advice and analyzes the advantages and disadvantages of roboadvice by comparing with traditional investment.Finally,it points out the current roboadvice legal dilemma.Chapter two analyzes the legal relationship between robo-advice.Firstly,it analyzes the legal relationship between operators and relevant subjects,and discusses situations of the robo-advice who adopt channel business model,self-run business model and mixed model respectively.Then,it analyzes the legal relationship between the investors and operators of the robo-advice,and distinguishes the services provided by the robo-advice.Finally based on the existing regulatory norms to explore the legal relationship between regulators and operators.The third chapter focuses on the difficulties faced by robo-advice in the entry,operation and exit stages.In the entry stage,there are some problems,such as fuzzy business boundaries,conflicts of professional qualifications of robo-advice,and restrictions on the carte blanche.At the operational stage,the main problems include difficulties in supervising the unified operators,challenges in the application of traditional fiduciary duty,and difficulties in effectively protecting the rights and interests of ordinary investors.In the exit stage,there are some problems,such as lack of industry assessment and exit mechanism,liability investigation mechanism and compensation mechanism.The fourth chapter is devoted to the legal regulation of robo-advice.First of all,it is necessary to set up the entry threshold for robo-advice,which is mainly achieved by defining the legal positioning of robo-advice,managing the issuance of robo-advice license and formulating legal norms for robo-advice.Secondly,it is necessary to standardize the operation process of robo-advice,including implement "penetrating" supervision and functional supervision,update the specific content of fiduciary duty,and strengthen the protection of the rights and interests of ordinary investors.Finally,in order to maintain the order of robo-advice,the exit mechanism of robo-advice should be constructed,which is mainly achieved by establishing the assessment and evaluation system of robo-advice,implementing the accountability of robo-advice. |
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