金融数据安全背景下的智能投顾算法黑箱监管体系构建

Construction of Robo-Advisor Algorithm Black Box Supervision System Under the Background of Financial Data Security

智能投资顾问通过金融科技、大数据引领商业模式创新,是人工智能在财富管理领域的重要应用。由于核心技术算法黑箱具有天然不透明性,使得在保护中小投资者利益时,产生了侵权责任承担困难、附加金融服务存在监管真空和算法学习周期性导致决策滞后的监管困境,导致传统法律监管体系发生部分失灵。分析我国使用智能投顾中小投资者的交易习惯,发现其抵御风险、投资能力明显高于传统股票投资者,更加注重服务质量,在适当性管理方面也要求具备更高的审慎和评估能力,投资者金融信息和知情权是保护的重点。监管治理体系以《数据安全法》和《个人信息保护法》为基本法律依据,在构建目标上,注重促进技术发展与保障金融安全之间的有效平衡;在算法设计源头上,制定专业监管框架、实施算法事前审查、提高投资者信息能力;在算法使用过程中,对接证券信息披露标准、保护数据与隐私权和规范附加金融服务;在法律责任追究上,通过主体责任、信义义务和算法问责制来综合规范。

The robo-advisor is an important application of artificial intelligence in the field of wealth management,which leads business model innovation through financial technology and big data.Due to the natural opacity of the black box of core technology algorithm,the difficulties in undertaking tort liability,the regulatory vacuum of additional financial services and the lag in decision making caused by periodic algorithm learning have occurred in the protection of the interests of small and medium-sized investors,resulting in partial failure of the traditional legal supervision system.By analyzing the trading habits of small and medium-sized investors in using robo-advisors in China,we find that the risk resistance and investment ability of robo-advisors are significantly higher than traditional stock investors,since they pay more attention to service quality and have a higher level of prudence and evaluation in appropriateness management,with the focus on protecting investors’financial information and their right to know.The regulatory governance system takes Data Security Act and Personal Information Protection Act as the basic legal basis.In terms of construction objectives,it pays attention to the effective balance between promoting technological development and ensuring financial security;in terms of the source of algorithm design,it formulates professional regulatory framework and implements algorithm prior review to improve investors’information ability;in the process of using the algorithm,it protects data and privacy and regulates additional financial services in accordance with securities information disclosure standards;in the investigation of legal responsibility,it is comprehensively standardized through subject responsibility,fiduciary obligation and algorithmic accountability.