中国智能投顾法律规制研究

Abstract

Today, with the rapid development of new technologies represented by artificial intelligence and robots, our human society is entering the new era of AI. AI technology and financial services business are gradually integrated into one. Financial institutions, relying on algorithm technology, could meet the personalized financial needs of customers. Fintech has become the forefront of global financial services. At the same time, AI technology also provides a new path for investment advisory business, which deviates from the traditional mode of pure investment consulting, to the form which take the asset management as the core business. The advent of modern Robo-Advisors has completely changed that narrative by delivering the service straight to consumers. After a decade of development, Robo-Advisors are now capable of handling much more sophisticated tasks, such as tax-loss harvesting, investment selection and retirement planning. AI technology allows Robo-Advisors to break out of the traditional mode of “one to one”, but enter into a new mode of “one to more”. This new mode is prone to the widespread fraud, manipulation and other illegal behaviors, and have a negative impact on the order of financial market. Under China's current financial supervision system, there are regulatory arbitrage and other problems. Therefore, how to improve the legal transparency, how to coordinate the relationship between administrative intervention and market freedom, how to balance the relationship between administrative supervision and self-regulation? All of these questions has become the legal focus of China's Robo-advisors business.