监管视角下智能投顾算法的应用风险治理研究

Research on the Risk Governance of Robo—Advisor Algorithm from the Perspective of Supervision

智能授资顾问是互联网技术和金融科技的高度结合。我国在引进这项技术方面处于初始阶段,使得智能投顾在算法领城形成了深刻的技术障碍,虚拟性使得市场风险更加隐蔽,在提供全面和定制的咨询服务方面存在制度上的限制。从智能投资的特殊性来看,我国必須探讨智能投资顾问在算法領域的潜在风险。在此基础上,我们应从法律的角度理性地看待该新生事物,理清其中的法律关系,优化完善信息披露制度、税收制度等法律规制措施,引导智能投顾在法律框架内运行,且借鉴英国“监管沙箱”的模式,提高智能投顾的技术驱动型蓝管水平,以期实现智能投顾长效发展。

Robo-advisor is a high-level combination of Internet technology with financial technology.China is in the initial stage of introducing this technology,which makes the smart investment form a profound technical obstacle in the field of algorithms.Virtuality makes the market risk more concealed and provides comprehensive and there are institutional restrictions on customized consulting services.From the perspective of the particularity of smart investment,China must explore the potential risks of Robo-advisors in the field of algorithms.On this basis,we should take a rational look at the new things from the perspective of law,clarify the legal relationship,optimize and improve the legal disclosure measures such as the information disclosure system and the taxation system,guide the intelligent investment in the legal framework,and learn from the UK.The"regulatory sandbox"model will improve the technology-driven supervision level of smart investment,in order to achieve long-term development of smart investment.