Research On The Fiduciary Duty In The Context Of Robo-Advisor

In recent years,with the rapid development of artificial intelligence industry,the intelligent investment adviser has emerged as a new service model in the field of financial investment advisers.An intelligent investment adviser refers to an intelligent investment tool that collects investor information online through the network platform and provides personalized investment services for investors by using algorithmic procedures with builtin financial investment models.investment adviser has the advantages of low threshold,wide audience,and easy operation,so it is welcomed by investors and gradually occupies the market.Like the traditional investment advisory industry,there is a problem of unequal status between the operators of intelligent investment advisers and investors,so the responsible subjects in the context of intelligent investment advisers should also assume fiduciary obligations to investors.However,the traditional fiduciary duty system based on natural persons and legal persons cannot be fully applied to the field of intelligent investment adviser due to the characteristics of intelligent investment adviser with algorithm as the core.Therefore,the content of fiduciary duty in the mode of intelligent investment adviser needs to be supplemented and updated.This article in view of the specialty of the intelligent investment adviser for smart investment advisory services of the faith obligation risk,smart investment adviser situation faith obligation responsibility way were discussed,and combined with relevant legislative and regulatory experience abroad for Chinese intelligent investment adviser situation the perfection of faith obligation system is proposed.The article is divided into four parts and summarized as follows:The first part elaborates and defines the basic issues involved in fiduciary duty in intelligent investment adviser,including what is an intelligent investment advisor,the concept and categories of fiduciary obligations,the particularity of the fiduciary obligation of an intelligent investment advisor,and the responsible subject of fiduciary obligations.The second part of smart investment adviser situation on the duty of loyalty faith obligations and analysis,according to risk causes the intelligence investment consultant of loyal risk into conflicts caused by risk,special operators dominant position caused by risk and the risk of information security vulnerabilities in three categories and corresponding measures to avoid is discussed in this thesis.The third part elaborates and analyzes the obligations of fiduciary obligations under the situation of the intelligent investment adviser.According to the particularity of intelligent investment advisers,the obligations of diligence risks under the mode of intelligent investment advisers are divided into the risk of investor demand analysis and the risk of homogenization of investment advice,and the corresponding avoidance measures are proposed.The fourth part puts forward the idea of perfecting the fiduciary duty system of roboinvestment advisers in my country based on the fiduciary duty risks of robo-investment advisers summed up in the previous part,combined with relevant foreign legislative experience and regulatory experience.