Research On Regulatory Issues Of Robo-advisor

Robo-advisor is a kind of intelligent financial service that has o riginated from abroad and has developed rapidly.The "Guiding Opinions on Regulating the Asset Management Business of Financial Institutions" provides a preliminary regulatory framework for its development,but compared with practical demands,it still has difficulties in key areas such as market access,algorithm regulation,and investor rights protection.In recent years,the academic community has started to break the ice in theory,but the differences are large and the combination with my country's reality is insufficient.For this reason,the supervision of intelligent investment advisory services remains to be discussed.The first chapter introduces the basic issues related to the regulatory of robo-advisors.The content includes the connotation and advantages of the robo-advisor,the positioning of the robo-advisor under the financial regulatory legal framework in China,the basic legal relationship involved in robo-advisor,and the theoretical basis of the regulatory is fiduciary duty and the information asymmetry theory.The second chapter identifies the legal dilemma faced by robo-advisor regulatory in China.In terms of market access,it is faced with the dilemma of lack of licenses and unclear market access conditions;in terms of algorithm regula tory,the algorithm filing system is imperfect,the information disclosure system does not restrict the "black box" of the algorithm,and it lacks process regulatory.In terms of investor rights protection,robo-advisor in China have not fulfilled the investor's due diligence obligations,and the unequal rights and obligations of both parties in electronic contracts,making it difficult for investors to protect their rights.The third chapter examines the overseas regulatory experience of robo-advisor.The robo-advisor market in the United States,Australia,Singapore,and the United Kingdom is relatively mature.It provides a useful reference in terms of license management system,information disclosure system,investor education,and algorithm regulation for China.The fourth chapter constructs the optimization strategy for the regulatory of robo-advisors in China.The concept of inclusive regulatory and meta-regulation should be established;market access for robo-advisor should be regulated,including the innovation of license management systems,add technical market access conditions,and the establishment of a sandbox regulatory mechanism;algorithm regulation should be strengthened,Including clarifying the algorithm filing system,improving the information disclosure system,establishing the risk management requirements with algorithm governance as the core,and establishing external regulatory of the algorithm;attaching importance to the protection of investor s' rights,including standardizing investor suitability evaluation and electronic contracts,emphasizing investor education,and clarifying the fiduciary duty rules to break the dilemma of investors' rights protection.