Study On The Regulation Path Of Robo-advice In China

In recent years,with the continuous progress of artificial intelligence and Internet technology,people's demand for asset allocation and wealth management with the help of emerging technologies is growing.In this context,Fintech with universality,technicality and convenience emerged as the times require.Fintech is an innovative application of big data analysis,artificial intelligence and other cutting-edge technologies in the financial industry.As a typical representative of Fintech,roboadvice consulting covers securities investment consulting,financial consulting,asset management and other businesses,which brings people new investment option.For robo-advice,the theory and practice have not yet formed a unified definition.The paper hold that robo-advice adopts artificial intelligence algorithms and big data technology to provide investors with customized investment asset portfolios and investment tools or investment services with continuous account management functions based on investors' investment preferences and risk-taking capabilities.Robo-advice in its proper state takes investment consultants and asset management as its core functions.In combination with current regulatory situation of China,roboadvice faces certain difficulties in terms of access systems,regulatory norms,and investor protection.This article focuses on the above problems and analyzes the root causes of the legal dilemma of robo-advice.By comprehensively comparing the development experience of robo-advice in other countries,on the basis of China's existing system,it puts forward regulatory suggestions such as defining business scope,clarifying entry thresholds,improving investor protection mechanisms,and clarifying civil liability of robo-advice operators,to promote robo-advice orderly development.This paper is divided into four chapters:The first chapter clarifies the definition and essence of robo-advice.Robo-advice is an emerging product of the combination of technology and finance.Up to now,the definition and essence of robo-advice in different regions have not been unified.Through comparison,this chapter sorts out the origin and development process of roboadvice,and analyzes its definition and business scope.The second chapter analyzes robo-advice,combs the service content and operation mode of the typical robo-advice at home and abroad,and analyzes the legal relationship between investors and operators.By comparing with traditional investment advisors,it summarizes the particularity of robo-advice,sums up the various risks faced by China's robo-advice at the emerging stage,and leads to the third chapter's discussion on the legal dilemma of robo-advice in China.The third chapter analyzes the legal difficulties faced by China's robo-advice.The first section starts from the contradictions of the current system and the dilemma of supervision,and analyzes the dilemma of the scope of the robo-advice business,such as blurred boundaries,difficulties in license issuance and qualification identification,and the limitation of discretionary business.The second section focuses on the issue of investor protection,analyzes the appropriateness of investors,challenges to the application of traditional fiduciary duties,and issues related to electronic format agreements,and proposes a clear direction for the regulatory path for Chapter 4.Chapter 4 puts forward suggestions for China's robo-advice regulation path.The regulatory path suggestions in this chapter correspond to the legal dilemmas faced by China's robo-advice in Chapter 3,and the robo-advice's regulatory framework is established by clarifying the business scope,establishing robo-advice access standards,and innovating regulatory models.This chapter focuses on the improvement of the investor protection mechanism,through the appropriateness of electronic service agreements,and the application of the traditional investment advisory obligations in the field of robo-advice,clarifying the civil liability of the operator,and improving the protection of investor rights,promoting the orderly development of China's robo-advice.