智能投顾中的违信责任研究

Research on the Liability for Breach of Fiduciary Duty under the Robo-Advisors

为保护投资者利益,智能投顾运营者等智能投顾中的受信主体对投资者承担信义义务,受信主体违反信义义务,应当对投资者承担民事赔偿责任,这个责任是法定责任。民事赔偿责任的构成要件应当包括存在信赖利益关系、存在违反信义义务的行为、因违反信义义务的行为造成投资者损失。从表现形式来看,智能投顾运营者违反注意义务主要表现为对投资者适当性管理义务的违反、对风险防范义务与算法监管义务的违反;智能投顾运营者违反忠实义务主要表现是智能投顾运营者在未告知并未经投资者同意的情况下,为了追求不当利益进行自我交易与关联交易。智能投顾运营者等受信主体只有在投资者同意、市场客观因素变化的情形下才能够免责。

In order to protect the interests of investors,the fiduciary subject of smart investment service,such as the operator of smart investment service,undertakes fiduciary duty to the investor.The fiduciary subject violates the fiduciary duty should bear the civil compensation liability to the investor,which is a legal liability.The elements of civil liability shall include trust interest relationship,breach of fiduciary duty,and investor loss caused by breach of fiduciary duty.From the form of expression,the breaches of the duty of care by the intelligent investment service operators are mainly manifested as the breaches of the appropriate management obligation of investors,the breaches of the risk prevention obligation and the breaches of the algorithm supervision obligation.The breach of loyalty duty by the intelligent investment service operator is mainly manifested in that the intelligent investment service operator conducts self-dealing and affiliated transaction in pursuit of improper interests without informing and with the consent of investors.Only with the consent of investors and the change of objective factors in the market,can the trusted subjects such as intelligent investment service operators be exempted from liability.