智能投顾中投资者适当性制度研究

Research on the System of Suitability of Investors in Robo-advisors

2018年4月27日《关于规范金融机构资产管理业务的指导意见》对"智能投顾"进行了专条规定。智能投顾由于其技术特性,业务流程的各个环节对投资者权利保护带来了新的问题与挑战,主要体现在智能投顾运营模式与现有法律规定存在一定的冲突、智能投顾在实际运作中对投资者测评不够充分、智能投顾提供建议时违反信义义务和信息披露的风险等。鉴于此,本文在学理层面上阐述投资者适当性的基础理论,建议在智能投顾领域中对传统投资者适当性制度进行调整,构建以投资者保护为核心理念、科技监管为重要手段,协调现有法律规范的投资者适当性制度体系。

On April 27,2018,the 'Guiding Opinions on Regulating the Asset Management Business of Financial Institutions'made a special provision for the 'robo-advisor'. Due to its technical characteristics,the robo-advisor has brought new problems and challenges to the protection of investor rights in all aspects of its business processes,which are mainly reflected in the following aspects: the existence of certain conflicts between robo-advisor’s operation mode and existing legal provisions,the inadequacy of evaluation for investors within the operation of the robo-advisor,and the risk of the violation of fiduciary duty and information disclosure when the robo-advisor provides advice. In light of the above-mentioned risks,by explaining and analyzing the basic theory of suitability of investors,it is suggested to adjust the traditional system of suitability of investors in the field of the robo-advisor,set up a new system of suitability of investors with the investors protection as a core concept and Regtech as an important approach.