摘要
本文结合国内外业务实践,探讨了我国智能投顾的业务属性和准入监管。与国外相比,我国智能投顾业务规模较小,智能化程度较低,业务模式中掺杂部分资讯、销售类服务。在影响国内智能投顾业务发展的因素中,不容忽视的是法律和监管对其业务属性和准入监管相对模糊的处理,这会对投资组合管理业务的开展和风险防范造成不利影响。本文认为,应当秉承从实践出发的思路,在明确业务属性的基础上实施准入监管。在业务属性方面,智能投顾业务具有综合性金融投资服务的特征,但只有核心业务包含证券投资咨询和/或资产管理的,才能称为智能投顾。在准入监管方面,建议区分长期措施和短期措施。从长期看,建议实施涵盖投资咨询和资产管理的广义投资顾问监管体制;从短期看,需认清复杂业务属性并分别适用证券投资咨询或资产管理的准入监管。
Based on industry practices in China and abroad, this paper discusses the business attribute and access supervision of robo-advisors. Compared with foreign countries, the scale of robo-advisory business in China is smaller, the degree of intelligence is lower, and some information and sales services are adulterated in the business model. The relatively vague treatment of its business attributes and access supervision by law and supervision is one contributing factor to the current slow development, negatively affecting the development of portfolio and risk management. The paper argues that the access supervision, which could evolve from the industry practices, should be based on the attribute of the business model. In terms of business attribute, robo-advisory business is a mixed, financial service centered business on security investment, but only if the core business includes securities investment consulting and/or asset management, can it be called intelligent investment. The access supervision should cover both short term and long term measures. In the long term, regulation should develop towards the wider de nition of investment advisor who can both conduct security consultancy and asset management activities. In the short term, the regulation should be based on its practice attribute, and to implement security consultancy or asset management regulation respectively.
作者
陈娟
熊伟
CHEN Juan;XIONG Wei
出处
《金融监管研究》
CSSCI
北大核心
2019年第4期46-61,共16页
Financial Regulation Research
关键词
投资顾问
智能投顾
投资咨询
资产管理
准入监管
Investment Advisor
Robo-advisor
Security Consultancy
Asset Management
Market Access Supervision
