Research On The Legal Issues Of Robo-advisor Supervision

As an important means to promote the development of financial industry,financial technology has changed the form of financial services and improved the level of financial services.Robo-advisor is a new thing under the background of financial science and technology.It is different from the traditional investment adviser.It is based on the traditional investment adviser,and it carries out investment adviser through the use of artificial intelligence,big data and other scientific and technological means.It provides services for investors through the collection of investors' personal information,investment willingness,risk tolerance and investment income objectives.Because the Robo-advisor carries out business through the platform,reduces the operation cost,and the investment cost is low,convenient and efficient,which can meet the personalized investment demand of investors and maximize the investment income of investors,so it attracts the majority of small and medium-sized investors and promotes the development of inclusive finance.But at the same time,we should also pay attention to the fact that the characteristics of Robo-advisor as a new thing make it not coordinate with the existing regulatory laws and regulations,and the exertion of regulatory effectiveness is affected.There are some problems in market access,investor protection,intelligent algorithm and so on,which need to be solved and improved.This paper consists of the following four parts:The first part is an overview of the legal issues of Robo-advisor supervision.It discusses the meaning,characteristics and the necessity of supervision of Robo-advisor.Starting from the definition of the meaning,it defines the specific research object,and analyzes the legal characteristics of Robo-advisor.This paper discusses the necessity of supervision from the perspectives of maintaining market order,preventing and controlling technical risks and protecting the interests of investors.The second part expounds the current situation and existing problems of Robo-advisor.Based on the analysis of the current situation of the supervision,it puts forward the existing problems in Robo-advisor.At present,there are different degrees of problems in the market access,investor protection,algorithm application,separation supervision and exit supervision of Robo-advisor,which need to be solved.The third part introduces the experience of Robo-advisor supervision in the United States,Australia and the United Kingdom.It discusses the foreign experienceof Robo-advisor supervision and puts forward the specific content that China can learn from.The mature experience of supervision will help the development of Robo-advisor in China,which is of positive significance to the supervision of Robo-advisor in China.The fourth part puts forward suggestions from five aspects,which correspond to the problems in the supervision.We need to improve the market access system,improve the investor protection system,take effective regulatory measures for the application of algorithms,promote collaborative supervision and penetration supervision,and build the delisting mechanism of Robo-advisor.So as to promote the development and perfection of Robo-advisor,so that they can better serve the financial market and investors.