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

As an application of AI in traditional investment consulting field,it provides investment consulting service to investors with AI algorithm and big data technology.But there is always a disconnect between the development of financial science and technology and financial supervision.On the one hand,financial supervision regulations always lag behind the development of financial innovation.In the face of the special service mode of robo-Advisor,the traditional investment consultation supervision rules can no longer effectively supervise it.On the other hand,has made it difficult to regulate the risks of smart patronage.At present,the regulators have not yet made a comprehensive and meticulous regulatory response to robo-Advisor.In view of this,this paper is aimed to launch the legal research of the supervision and management of robo-advisor and explore robo-Advisor system in line with China's financial development.The first chapter discusses some basic problems of robo-advisor.Firstly,the definition of robo-advisor is combed through the supervision layer of each country;Secondly,the domestic and domestic business model of robo-advisor is compared and analyzed horizontally,and compared and analyzed with traditional investment consultation vertically,so that the particularity of the management of the authorized account and the risk particularity brought by the technology are obtained.Finally,this paper discusses the attributes of robo-advisor,and makes it clear that robo-advisor is a comprehensive service that includes investment consulting and account management business views the essence of robo-advisor from the perspective of its proper function,so as to further research the legal questions of the supervision and management of robo-advisor.The second chapter analyzes the present situation and problems of robo-advisor.Through the systematic combing of the current laws and regulations of robo-advisor,combined with the supervision of robo-advisor,the main problems in China's robo-advisor supervision are obtained: Firstly,the problem of access system is difficult to apply in advance supervision;Secondly,the behavior supervision system is short of specific behavior guidelines due to the challenge of the special service mode of robo-advisor to the traditional investment consultant business behavior norms.There is a problem of unclear definition of responsibility caused by technology;Finally,the current regulatory measures are still short of comprehensive regulation of algorithms,and the current regulatory means are difficult to effectively regulate technical risks.The third chapter of this paper focuses on the research on the supervision of extraterritorial robo-advisor,mainly from the regulatory practice of the United States,Australia,the United Kingdom,the European Union and China's Taiwan region,from the aspects of access supervision,behavior supervision,innovative regulatory means.The regulation of access has basically followed the regulation rules of traditional investment advisers.Supervision focuses on behavior supervision,strengthen information disclosure,strengthen the guidance of appropriate obligations,strengthen algorithm supervision,innovation science and technology supervision and so on.From the overall regulatory level,most of the extraterritorial supervision of robo-advisor has issued special normative documents to achieve comprehensive supervision of robo-advisor.The fourth chapter of this article according to the problems raised in the second chapter and the experience of extraterritorial supervision,and combining the local characteristics of China,we will improve the legal supervision mechanism of China's robo-advisor.Firstly,this paper put forward long-term and short-term supervision schemes on the access supervision of robo-advisor in the pre-regulation;Secondly,this paper refines the specificity of investors' suitability and specific disclosure standards of the information disclosure system,Strengthening the establishment of corporate internal control standards,thereby strengthening behavior supervision from both direct and indirect perspectives to protect the rights and interests of investors;Inaddition,in the face of the technical blame problem with algorithms as the core,This paper establish intelligent investment advisory operators and high Manage the dual liability system and strengthen the penalties for non-compliance,and at the same time introduce PI insurance system to improve the liability compensation mechanism;Finally,This paper increases the technology dimension in addition to the traditional financial supervision dimensions such as prudential supervision,behavioral supervision,and functional supervision,in order to build a dual-dimensional supervision system to better cope with the development of robo-advisor.