智能投顾模式下对信义义务的重构

Reconstruction of Fiduciary Duty under Robo-Advisor

智能投顾是人工智能在互联网金融领域的新发展,科技为我们带来便利的同时,也对传统的投资顾问造成了冲击,原本被信义义务约束的自然人顾问被智能投顾软件的算法所代替,从而导致信义义务的约束主体和义务内容被架空,因此重构智能投顾领域下信义义务的内容、保护投资者的权益成为了此时之需。智能投顾实际上是将自然人投资咨询的过程设置到了算法的投资模型和计算程序之中,除了智能投顾经营者,软件的设计、研发人员同样要受到信义义务的约束,义务的内容也不仅限于传统领域的内容,既要避免因为算法的"黑盒"而逃避和减少义务,导致投资者的资产暴露在危险之中,也不能过分苛责智能投顾的经营者,阻碍人工智能科技的发展。

Robo-advisor is a new development of artificial intelligence in the field of Internet finance, while technology has facilitated us, it has also impacted traditional investment advisers. The natural person consultant originally bound by fiduciary duty is replaced by the robo-advisor’s software. The constraint subject and obligation content of fiduciary duty are suspended. Therefore, it is necessary to reconstruct the fiduciary duty in the field of robo-advisor and protect the rights and interests of investors. Robo-advisor sets the process of natural person* s investment consultation into the investment model and calculation program of the algorithm. In addition to robo-advisor investors, software designers and researchers are also constrained tofiduciary duty, the content of obligations is also not limited to the traditional areas, it is necessary to avoid avoiding and reducing obligations because of the “black box” of the algorithm, so as to expose the assets of investors to risks. It is also necessary not to excessively criticize the operators of intelligent investment and hinder the development of artificial intelligence technology.