新《证券法》基础下智能投顾投资者保护制度研究

The Rsearch on the Investor Protection System of Robo-advisor based on the New Securities Law

在推进普惠金融与金融科技发展的政策背景下,智能投顾作为金融科技创新的代表性成果应运而生,也对我国投资者保护制度提出挑战。这种人工智能与证券投资顾问的结合,具有低价高效、投资门槛低、服务对象广的优势,但也正是这一特殊性使资本、知识、经验较少的中小投资者面临信息、道德、技术、市场等各种风险。根据《证券法》新增的投资者保护专章,应当以投资者适当性管理为核心,结合利益冲突限制规则完善智能投顾投资者保护制度,同时借鉴域外经验,以包容、协调、试验的原则,对智能投顾进行技术与运作方面的监管,落实投资者保护制度的实施。

Under the policy background of promoting the development of inclusive finance and fin-tech, robo-advisor, as a representative achievement of fin-tech innovation,emerged at the historic moment,and also posed challenges to China’s investor protection system. This combination of artificial intelligence and securities investment adviser has the advantages of low cost and high efficiency,low investment threshold and wide range of service objects. However, it is precisely this particularity that makes small and medium investors with little capital,knowledge and experience face various risks such as information, morality, technology and market. Discussed according to the Securities Law of the new paragraph of investors protection,we should take appropriate management of investors as the core,combined with the rules of conflict of interest restrictions to perfect investor protection system.Using the experience of foreign countries at the same time,with the principle of tolerance, coordination and test,we should also carry out the implementation of the system of investor protection by keep watch on the technology and operation of robo-advisor.