摘要
智能投顾是涵盖投资管理全价值链的服务模式,融合广义智能化投资顾问的各项特征,并有所延展,具有个性设计、风险分散、理性决策、平衡调整的功能优势。实践中,智能投顾面临合规风险、画像风险、算法风险、信用风险等方面的功能异化。由于概念界定和市场环境的不同,我国智能投顾的监管无法复制美国的模式,应当走本土化道路,注重从功能的角度进行穿透式监管。具体路径包括分类实施准入监管,推进放开综合账户;严格把关问卷设计,加强提高风险意识;有效开展算法监控,探索构建试错机制;明确强化信息披露,合理考量责任追究。
Robo-advisor is a service model covering the whole value chain of investment management.It integrates various characteristics of general intelligent investment adviser and extends them,which has the advantages of individual design,risk diversification,rational decision making and balance adjustment.In practice,the Robo-advisor faces compliance risk,portrait risk,algorithm risk,credit risk and other aspects of functional alienation.Due to the difference in concept definition and market environment,China's Robo-advisor supervision cannot replicate the American model,so we should take the road of localization and pay attention to penetrating regulation from the perspective of function.The specific path includes implementing access supervision by classification and promoting the opening of comprehensive accounts;checking the questionnaire design strictly and enhancing the risk awareness;carrying out algorithm monitoring effectively and exploring trial and error mechanism;strengthening information disclosure clearly and considering liability investigation reasonably.
出处
《法学杂志》
CSSCI
北大核心
2020年第1期68-73,共6页
Law Science Magazine
基金
国家法治与法学理论研究中青年课题“证券市场先行赔付制度构建研究”(项目编号:18SFB3026)
重庆市社会科学规划项目“人工智能在证券投资领域应用的法律规制研究”(项目编号:2018PY96)
西南政法大学人工智能法律研究院科研创新项目“智能投顾的法律规制路径研究”(项目编号:2018-RGZN-JS-ZD-06)的阶段性成果
关键词
智能投顾
资产管理
信息
算法
监管
robo-advisor
asset management
information
algorithm
regulation
