Research On Legal Regulation Of Robo-advisors

In recent years,artificial intelligence technology has developed quickly.China has formulated plans and strategies for the development of artificial intelligence to guide the industrialization and standardized development of artificial intelligence.Artificial intelligence has gradually made some achievements in the fields of justice,medical treatment,finance and so on.Robo-advisor is one of the outstanding innovations of the combination of formal artificial intelligence technology and financial industry,and it is also one of the important trends of financial technology in the world that cannot be ignored.The clint groups of traditional investment advisors usually have a certain wealth base and the management fees are higher.The investment experience provided by human investment counsel is affected by the ability and experience of the consultant himself,and there are subjective obstacles such as artificial pursuit of profit and excessive human intervention,which makes it difficult to make rational and efficient asset allocation for investors.Robo-advisor lowers the threshold of investment,which can benefit more people,and the process is simplified and efficient.The automatic decision-making algorithm can also eliminate the adverse effects of irrational factors to a certain extent.The use of Robo-advisor can greatly improve the operating efficiency of financial institutions,which shows that the advantages of intelligent investment banking are very obvious.This mode can create personalized investment suggestions for investors and implement automated and intelligent asset management programs,which not only saves investors’ time and energy,but also increase their investment returns.However,for the definition of Robo-advisor,the academic circles have not formed a unified and clear opinion.Whether the new technology mode needs to change the threshold of market access,the requirements of professional qualification,and the subject of obligations and responsibilities,all these questions need to be answered by the legal system.At the same time,the law should also give timely and effective regulation to the negative effects such as information asymmetry caused by "algorithm black box".In addition,the protection of investors should be strengthened to ensure the information security of investors.In terms of regulatory technical means,traditional regulatory means are difficult to adapt to the rapid development and changes of today’s technology.Therefore,we should continue to investigate and gradually promote the "regulatory sandbox" mode,and conduct pre-risk assessment.At present,our country has not made the relevant laws and regulations specifically for the Robo-advisor.In order to make the Robo-advisor quickly accepted by Chinese investors,we should first clarify the problems of the Robo-advisor in the legal supervision system of our country,and put forward measures to solve the problems,so as to improve the legal supervision system of the Robo-advisor.This paper will start from the following aspects: It clarifies the legal concepts related to the Robo-advisor,analyzes the legal relationship involved in the Robo-advisor,carefully combs the current legislative situation in China,and investigates the advanced regulatory experience outside the region and summarizes specific measures worth learning from.Finally,this paper discusses how to build and improve the legal supervision system of the Robo-advisor in China from the aspects of market access and withdrawal mechanism,investor suitability system,algorithm supervision and innovative supervision technology.