智能投顾市场准入法律规制研究

Legal Regulation of Robo-Advisors’ Market Access

目前,国际上有关智能投顾市场准入的法律规制有统一牌照管理模式和分别牌照管理模式之分。从智能投顾的本质属性和长远发展来看,统一牌照管理模式是智能投顾市场准入法律规制的应然选择。我国针对投资咨询业务和资产管理业务有着严格区分,对智能投顾市场准入采用的是分别牌照管理模式。但是,我国当前有关禁止投资顾问接受全权委托、代客理财的法律限制以及证券投资咨询业务牌照停发的事实,严重阻碍了我国智能投顾的发展。对此,应当在明确智能投顾综合性金融服务法律属性的基础上,对我国相关法律法规进行修改、完善,恢复证券投资咨询业务牌照的发放,从而扫清智能投顾合规、健康发展之路的法律障碍。

In recent years,with the rapid development of robo-advisors,the legal regulation of robo-advisors has also made some progress.Currently,there are uniformed licensing management model and respective licensing management model worldwide concerning the legal regulation of robo-advisors ’ market admission. From the perspective of the essence and the future development of robo-advisors,the uniformed licensing management model is the due choice of the legal regulation of robo-advisors’ market admission.In China,there is a rigid distinction between investment advice and asset management so as to the respective licensing management model is its current practice.But the laws and rules that forbid investment advisers from conducting asset management in China,and the fact of the stop-issuing of investment advisers’ license prevent the further development of robo-advisors.Therefore,by clarifying the legal attribute of robo-advisors,we should make proper amendments of China’s current laws and rules and unloose the issue of investment advisers ’ license in order to remove the barriers of robo-advisors ’development and promote its future development.