智能投顾规制:传统框架如何与智能金融业态契合

Regulation of Robo-adviser:How Does Traditional Framework Fit with Intelligent Financial Service

典型的智能投顾是一种全流程的自动化投资服务,这需要相关法律和监管规则对全权委托账户管理服务模式的支持。然而,我国现行的两种规制框架,包括“证券投资顾问”模式和“资管意见”模式,以及现有的两种突围尝试,包括“投资顾问账户管理业务”模式和“基金投资顾问”模式,在适用于全权委托型智能投顾业务时,均不同程度存在一些问题。应当在法律层面允许投资顾问开展全权委托账户管理业务,从而使全权委托型智能投顾能够采用此种规范方案,也有利于通过具体的规则落实智能投顾经营者的信义义务。将智能投顾与客户之间的关系界定为信义关系具有必要性和可能性,且可以落实到具体的主体上。在投资顾问的规制路径下,为落实智能投顾的信义义务,应建立相应的规则框架。注意义务下的具体要求包括适当建议、合理建议、最佳执行和全程监督,忠实义务下的具体要求包括重要事实披露、自营交易规则和交叉交易规则等。

A typical robo-adviser is a full-process automated investment service,and this requires relevant laws and regulatory rules to support the discretionary account management service model.However,there are some problems in the existing two regulation frameworks,including"securities investment adviser"mode and"investment management rules"mode,and two kinds of break through attempts,including"investment adviser business of account management"mode and"fund investment adviser"mode,when applying to the discretionary robo-adviser business.Investment advisers should be allowed to carry out discretionary account management business at the legal level,so as to enable the discretionary robo-advisers to adopt this scheme,and also facilitate the implementation of fiduciary obligations of robo-adviser operators through specific rules.It is necessary and possible to define the relationship between the robo-adviser and the customer as fiduciary relationship,and it can be implemented to the specific subject.In order to implement fiduciary duty of robo-adviser,the corresponding rule framework should be established under the regulation path of investment adviser.The specific requirements under the duty of care include appropriate suggestions,reasonable suggestions,best execution and whole-process supervision,while the specific requirements under the duty of loyalty include disclosure of material facts,principal trading rules and cross trading rules.