“智能投顾”的本质及规制路径

A Study on the Legal Regulation of “Robo-advisers”

人工智能深刻地影响着传统投资顾问业的发展方向,"智能投顾"脱胎于投资咨询业,却逐渐偏离了以"投资咨询"为核心的传统模式,已成为以"资产管理"为核心的新型模式。我国欠缺针对投资顾问的高位阶立法,难以形成对"智能投顾"的有效监管。"智能投顾"在本质上是投资信托,引入信托法作为实定法解释工具,可以夯实规制智能投顾的法理基础,缓和立法缺位、规范无据和监管错位等问题。在此前提下,智能投顾经营者应当建立内部利益冲突防范机制,妥善解决与投资者之间的利益冲突,在立法上应当明确智能投顾经营者承担受托人的信义义务,监管机关应当设置单独的牌照管理规则,以期提升法律规制的有效性。

Investment advisory services are profoundly impacted by the technology ot Artlh- cial Intelligence, which evolved from ＂Artificial advisers＂ to ＂Robo - advisers＂. In financial market,＂ Robo - advisers＂ are no longer just a traditional financial service of investment consult- ing, but has become into a new complex financial business which is mainly focused on private as- set management. However, since there is no law specifically for investment advisory services in China, there are numerous legal impediments to gum up an efficient regulation of ＂Robo -advis- ers＂. General speaking, considered ＂Robo- advisers＂ always act as trustee in an investment trust relationship, an introduction of Trust Law as legal interpretation tool for ＂Robo -advisers＂ can reinforce the basis of legal regulation. The paper is aimed to build a legal framework which is suitable for the regulation of ＂Robo- advisers＂.