Research On Legal Supervision Of Robo-advisor In China

Under the background of the rapid development of fintech,artificial intelligence,big data and block chain technology are developing rapidly,forming a new wealth management mode of Robo-Adviser combined with "artificial intelligence + traditional investment consultant".Due to the advantages of low investment threshold,rational investment and convenient investment,Robo-Adviser has been favored by the majority of small and medium-sized investors,which has changed the situation that high-quality investors occupy the investment market and is conducive to the promotion of inclusive finance.As an emerging service,Robo-Adviser does not have special legal supervision,which is not in line with the current legal framework in the field of investment consulting,resulting in a legal supervision dilemma.By analyzing the legal supervision dilemma,the legal supervision system of intelligent investment is improved to promote the smooth operation of Robo-Adviser service in China.By elaborating the basic concept and legal relationship of Robo-Adviser,this paper explores the essence of Robo-Adviser from the outside to the inside,laying a foundation for the research of Robo-Adviser.Through the research on current regulatory situation of Robo-Adviser in China,it is found that there are four aspects of supervision dilemma in Robo-Adviser in China.Including:the entity of Robo-Adviser is illegal,and the discretionary business is in conflict with article 161 of the securities law of the People’s Republic of China(the effective version of March 1,2020),which causes the legality obstacle of Robo-Adviser,The vulnerability of the algorithm results in the disclosure of investor information,and the simplification of the questionnaire results in the lack of investor protection.The conflict between the mode of separate industry supervision and the mode of Robo-Adviser resulted in the overlapping of supervision and the blank of supervision.New regulatory challenges posed by fintech.These legal supervision difficulties lead to the illegal phenomenon of intelligent investment in China,which hinders the development of Robo-Adviser in China.Through the research on the Robo-Adviser supervision of the developed countries led by the United States,it can provide useful experience for the solution of the legal supervision dilemma in China.In chapter 5,the author puts forward some Suggestions to solve the predicament of legal supervision.Eliminate the obstacles of discretionary business by amending article 161 of the securities law,and solve the market accessproblem by learning the United States investment advisory act 1940 to solve the two-in-one license of investment and asset management;By strengthening information disclosure of platforms,the principle of no-fault liability in tort liability law is introduced to strengthen investor protection.We introduced a layered regulatory system,penetrating regulatory system and improved regulatory technology,and innovated regulatory sandbox to strengthen regulation.Through this series of regulatory Suggestions to promote the smooth operation of Robo-Adviser in China,to provide a sound legal supervision system for Robo-Adviser.