智能投顾法律风险问题研究

Research on Legal Risks of Intelligent Investment Advisers

智能投顾面临的新型法律风险主要体现为合规风险、信义风险和技术风险,呈现出双重复合性、学科交叉性和不可预测性等特点。我国现行法律规制智能投顾风险存在的主要问题有:智能投顾的快速发展与法律监管滞后相冲突;智能投顾业务尤其是智能投顾的合规义务和信义义务与现行法律规制相冲突。借鉴域外智能投顾法律规制的先进经验,结合我国国情,健全我国智能投顾法律规制制度可采取以下对策:通过完善审查、报告制度,明确和补充智能投顾的合规管理内容;通过构建以全面的尽职调查为关键、以算法模型的可解释性为基础、以跨学科多部门审查委员会的组建为保障的个人责任制度,防范特有技术风险;通过探索从单一到全面、从一次到反复、从被动到主动转变的信息披露方式,避免新型信义风险,以期促进智能投顾服务和人工智能时代金融市场的健康快速发展。

The new legal risks faced by intelligent investment advisers mainly include compliance risk,fiduciary risk and technical risk,showing the characteristics such asdouble compounding,interdisciplinary and unpredictable.The regulation problems of legal risks of intelligent investment advisers in China are mainly:the conflict between the rapid development of intelligent investment advisers and the lag of current legal supervision;the conflict between current legal regulations and the business,compliance obligation and fiduciary obligation of intelligent investment advisers.Drawing on the advanced experience of foreign intelligent investment advisers'legal regulation and combining with China's national conditions,the following countermeasures can be taken to improve China's intelligent investment advisers'legal regulation system:clarify and supplement the compliance management content of intelligent investment advisers by improving the review and reporting system;clarifythe individual obligation and responsibility at all stages of intelligent investment by constructing a personal responsibility system with due diligence as the key,algorithm model interpretability as the basis and the trans-department review committee as the guarantee;realize the transformation of new forms of information disclosure by exploring the methods of intelligent investment advisory information disclosure from single to comprehensive,from once to repeated,and from passive to active,in order to promote the healthy and rapid development of intelligent investment advisory services and the financial market in the intelligent era.