The Fiduciary Duty Of Intelligent Investment Advisory Operators To Investors

As the representative of intelligent finance,intelligent investment management combines new technology with traditional consulting business to bring intelligent,easy to operate and low-cost services to the majority of investors.In the intelligent investment service,the intelligent investment service replaces the natural person investment adviser to provide services for investors,so should the fiduciary duty system under the traditional investment adviser model be inherited? How to update the fiduciary duty of the operator to the investor? How should the operator of intelligent investment company be held responsible for breach of fiduciary duty?The first chapter of the paper expounds the theoretical basis of the fiduciary duty of the intelligent investment management operators,which is divided into two parts.The first part mainly includes the concept definition of intelligent investment management and intelligent investment management operator,and analyzes the essence of intelligent investment management from two aspects.Intelligent investment management is a tool for intelligent investment management operators to carry out business,replacing natural person investment management in the traditional investment consulting field.Intelligent investment service is an innovative form of investment consulting business.The innovation lies in the form and function of the service.Summarize the operation process of intelligent investment management,which mainly includes five steps: early signing of intelligent investment management service agreement,investor demand analysis,intelligent transaction,and intelligent rebalancing.Summary intelligent investment service has the characteristics of intelligent service mode,extensive service object and service risk.The second part expounds the theory of fiduciary relationship and fiduciary duty,summarizes the characteristics of fiduciary relationship,and further analyzes the fiduciary relationship between the operators of intelligent investment management and investorsThe second chapter of the thesis discusses the necessity of intelligent investment management operators to undertake fiduciary duty,which is divided into two parts:realistic basis and legal supply.The realistic basis of the fiduciary duty of the intelligent investment management operator is discussed from three aspects: the unequal rights and obligations between the intelligent investment management operator and the investor,the information asymmetry between the two parties caused by the professional gap of the intelligent investment management algorithm and the professional gap between the parties,and the interest conflict between the intelligent investment management operator and the investor.The shortage of legal supply of intelligent investment service is also an important factor for the operators of intelligent investment service to undertake fiduciary duty.Specifically,the regulatory framework of intelligent investment service is not clear,there are compliance problems in the process of business access and development,and there is no complete and sufficient legal regulatory system.Whether from the practical basis of intelligent investment management or from the legal supply level,intelligent investment management operators are likely to violate the rights and interests of investors,so it is necessary to apply the fiduciary duty system to regulate intelligent investment management operators and promote the sustainable development of intelligent investment management business.The third chapter of the paper discusses the content of fiduciary duty of intelligent investment management operators.The fiduciary duty system in intelligent investment management business is still necessary to be applicable,but the content of fiduciary duty in traditional investment management field should be updatedaccording to the characteristics of intelligent investment management business.In the duty of loyalty of intelligent investment management operators,the disclosure of conflicts of interest should focus on the disclosure of the relationship between intelligent investment management operators and securities brokers,external technology companies,and intelligent investment management operators themselves.The form of disclosure should focus on the interaction with investors to ensure that investors can clearly understand the content of the disclosure.In the duty of diligence of intelligent investment management operators,in order to maximize investors' interests,it is necessary to strengthen investor suitability management and pay attention to investor demand analysis.Ensure the scientific nature of the core algorithm research and development and the effectiveness of operation;Strengthen the information security protection of investors.The fourth chapter discusses the responsibility of breach of fiduciary duty and the distribution of burden of proof.According to the nature of fiduciary duty and extraterritorial experience,the operator of intelligent investment management is defined as tort liability.This paper expounds the constitutive elements of the breach of fiduciary duty in the operation of intelligent investment management.Firstly,there should be an entrustment relationship between the operators of intelligent investment management and the investors;secondly,there should be a violation of fiduciary duty in the operation of intelligent investment management;finally,there should be a causal relationship between the breach of fiduciary duty in the operation of intelligent investment management and the investors.In the principle of imputation,in order to protect investors' rights and interests while protecting the innovation of fintech,the imputation principle of tort liability is positioned as fault liability.In terms of the distribution of the burden of proof,the invert of the burden of proof is set to reduce the burden of proof on investors,so that investors can get relief smoothly.