中国式智能投顾:本源、异化与信义义务规制

Robo-Advisers in China: Origin, Alienation and Fiduciary Rules

智能投顾是一种运用人工智能的买方投顾,采用的是直接服务于个人投资者并向其承担信义义务的运营模式。但是,智能投顾来到中国后偏离了它本来的运行轨道,异化为了卖方投顾的形态,具体表现为实践中运行的作为基金销售渠道的卖方投顾,以及资管新规中规定的资产管理公司用于产品资产配置的卖方投顾。因此,必须从经营业态、法律规则等方面引导中国式智能投顾向买方投顾市场发展。我国应当以信义义务对智能投顾进行规制,应当以信息披露为中心,构建以利益冲突披露规则、适当合理建议规则、自我交易与交叉交易规则、最佳交易规则为代表的一整套法律规范。

Robo-advisers are buyer-side investment adviser with artificial intelligence, serving individual investors’ interests and undertaking fiduciary obligations. However, after being introduced to China, robo-advisers deviated from its original model, changing into seller-side investment adviser that operates in practice as a sales channel for fund, and seller-side investment adviser that regulated by the New Asset Management Rule. Therefore, it is necessary to build buyer-side robo-advisors in Chinese mark by enforcing new rules and changing the market practice. Besides, by learning from the American law, the fiduciary rules of robo-advisers should be introduced, including rules of conflict of interest, appropriate and reasonable recommendation, self-trading and cross-trading, and best trading. Only when the fiduciary rules are established, will the market of robo-advisers be more legalized.