Research On The Legal Regulation Of Robo-advisors

Due to its low cost,high efficiency and convenience,robo-advisors have become the direction for many financial institutions to explore and develop since they appeared in China.At the same time,the legal circle has also carried out a lot of research on its "newness",the issue of license,whether they are legal or not are the objects that the academic circle is keen to study.Robo-advisors have developed very fast in China,but there are a series of problems behind them:Robo-advisors have compliance risks,and the market access threshold is not clear,which leads to the scarcity of license plates;there are obstacles to the development of the model of carte Blanche,many people think that carte Blanche is a violation of the existing law;the ambiguity of algorithm leads to easy disclosure of personal information and infringement of investors' rights;it is difficult for users to protect their rights in the future because the main responsibility of intelligent investment is not clear;the investors'suitability is faced with challenges,information disclosure is incomplete,and there are risks in signing electronic contracts;the supervision way lags behind,the supervision technology is backward and so on.The United States and the United Kingdom are countries with relatively mature robo-advisor development and certain demonstration experience.Learning from their experience may help China solve the problems that robo-advisors are facing.However,blindly borrowing will only lose the development characteristics of China's robo-advisors.Therefore,we should correctly view their development achievements and experience,combined with the environment of China's legal and financial development,and we should start with the legal relationship between trust and the robo-advisors and take the road of innovative development.Based on this idea,we should first clarify the legal status of intelligent investment banking,establish a special responsibility system for robo-advisors,and make them accountable for their own behavior.At the same time,we should clarify the entry threshold of intelligent investment,solve the dilemma of license shortage,classify discretionary business as trust,and solve the awkward situation of conflict between discretionary business and the existing Securities Law;Secondly,strengthen investor protection and information disclosure,from the principle,content and form of the three aspects of information disclosure;At the same time,the filing and review system of the standard contract should be established,which is led by the regulatory department and combined with various intelligent investment platforms to conduct the prior review and post filing of the electronic standard contract.Thirdly,supervisors also need to improve their supervision technology and innovate supervision methods,so as to achieve the organic unity of fintech and financial supervision.