Robo-advisor is widely used in the field of financial technology.By employing artificial intelligence technology and algorithmic models,Robo-advisor is able to provide users with personalized investment advice regarding different risk preferences and investment requirements.Robo-advisor has effectively promoted social prosperity while helping with the establishment of an inclusive financial system.However,it has been aware that this technology also brings potential legal and financial risks.Robo-advisor evolved from traditional securities investment consultants,but this concept has now become a complex of investment consulting and asset management.In terms of legal regulation,most scholars still tend to refer to the supervision system of investment consultants while addressing issues concerning Robo-advisor,which leaves a blank in relation to the legal supervision of the asset management business.Firstly,this essay defines concept and business scope of Robo-advisor.Given the fact that artificial intelligence in China is less developed,also,based on the idea that this technology should serve the financial sector,Robo-advisor is originally designed as a tool.As for business scope of Robo-advisor,taking into consideration its mechanism design and development path in and outside the country,it is clear that Robo-advisor is engaged in both investment consulting services and asset management services.This essay continually analyzes the legal relationship involved in Robo-advisor's business,which is trust legal relationship.Thus,it is suggested to bring in trust law as part of legal basis of Robo-advisor.In doing so,unwarranted supervision and regulatory misplacement regarding Robo-advisor application would be significantly reduced.Thirdly,this essay explores the characteristics of Robo-advisor under current social phenomenon,so as to analyzes the legal regulatory dilemma of Robo-advisor,which Includes five aspects:compliance dilemma,algorithm regulation dilemma,investor protection dilemma,regulatory dilemma and money laundering risk.Finally,this essay proposes to add collaborative regulation,penetrating supervision,relative safety concept and industry self-regulation into the regulatory system about Robo-advisor.With an aim of operator regulation and investor protection,this essay tries to find out suitable methods to break the predicament.Such as establishing an algorithmic risk framework to strengthen investor protection,etc. |