| With the iterative upgrade of artificial intelligence,the investment advisor industry has ushered in a new development,and intelligent investment advisors have come into being.Based on the modern asset portfolio theory,intelligent investment advisor refers to the use of calculation algorithms to suggest investment counselling or flexible property management services for investors based on their financial habits and property information.With the advantages of high efficiency,low threshold and strong professionalism,smart investment care has opened up a new channel for small and medium-sized investors to invest and manage their money in China.However,there are many incompatibilities between the practical development of smart investment advisors and China’s current legal system,thus leading to many dilemmas in the protection of investors in smart investment advisors.For example,in terms of fiduciary duty,the "algorithmic black box" has an impact on the duty of fidelity;the algorithmic defects affect the realization of the duty of care.In terms of investor suitability,investor suitability assessment is seriously formalized,and the lack of substantive information interaction between intelligent investment advisors and investors makes it difficult for the user profile of intelligent investment advisors to truly reflect the actual situation of investors.In terms of tilted protection,the two investor tilted protection systems of mandatory mediation and early compensation are often difficult to implement in practice;electronic format contracts cause imbalance of investors’ rights and obligations.In terms of information disclosure,smart investment consultants lack unique information disclosure regulations.How to effectively protect investors at the legal level while responding to the development of smart investment advisors has become an urgent issue to be resolved.In order to effectively protect the legitimate rights and interests of investors of smart investment care,the system should be improved in the following aspects: to clarify the fiduciary obligations of smart investment care operators by disclosing the conflict of interest under the algorithm and the way of algorithm review;to improve the user portrait acquisition mechanism and introduce the mixed interaction mode to strengthen investor appropriateness management;to improve the mandatory mediation and early compensation system and regulate the management of electronic format contracts to realize the The company will also improve the compulsory mediation and early compensation system,regulate the management of electronic form contract,and realize the inclined protection for investors of smart investment advisors;improve the information disclosure mechanism of smart investment advisors,and weaken the information asymmetry of both sides of the transaction.This paper is primarily divided into four sections.The former part starts from the legal definition of intelligent investment banking,elaborates the operation process of intelligent investment banking,and summarizes the legal relationship of each link on this basis,and finally focuses on the theoretical basis of legal protection for investors.In the second part,the weak position of intelligent investment adviser investors,the professional algorithm and the blurred user portrait are taken as the starting point,and the necessity of the protection of intelligent investment adviser investors is discussed.The third part points out that the current legal protection system of intelligent investment advisory investors has problems such as imperfect information disclosure regulations,inadequate tilt protection,difficulty in the appropriateness management of investors,and the impact of algorithms on traditional fiduciary obligations,in the light of the current situation of legal protection.The fourth part internalizes the excellent foreign institutional experience in light of the actual situation in China,and in view of the above problems,put forward improvement measures. |
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