智能投顾的法律风险及监管建议
发布时间：2018-08-03 11:27
【摘要】：智能投顾是以数据和技术为核心驱动力的金融科技发展的一个重要方向。通过基于网络算法的程序、利用创新技术为用户提供全权委托的账户管理服务的注册投资顾问是美国SEC对智能投顾的界定。在我国,智能投顾面临着业务模式与《证券法》第171条、牌照制与停发牌照等冲突;而智能投顾自身的特殊性,如业务界限的模糊性对传统信义义务的挑战、服务的跨界性对分层监管的挑战、算法的专业性对传统监管手段的挑战、决策集中性对"一致行动人"监管的挑战等,也给传统监管带来了新的法律风险。建议修改我国《证券法》第171条的相关规定,扫除智能投顾的准入障碍,并从信义义务、分层监管体系构建、算法监管、信息披露和投资者适当性等诸方面完善监管。
[Abstract]:Intelligent investment is an important direction in the development of financial science and technology with data and technology as the core driving force. Through the program based on the network algorithm, the registered investment consultant who uses the innovation technology to provide the user with the full authorization account management service is the American SEC's definition of intelligent investment. In our country, intelligent patronage is confronted with conflicts between business model and Article 171 of Securities Law, license system and discontinuation of license plate, while the particularity of intelligent patronage, such as the fuzziness of business boundaries, challenges the traditional fiduciary duty. The transborder nature of services challenges the hierarchical supervision, the professionalism of the algorithm challenges the traditional regulatory means, and the centralized decision making challenges the "consistent action" supervision, which also brings new legal risks to the traditional supervision. It is suggested that the relevant provisions of Article 171 of the Securities Law of our country be amended to remove the barriers of access to intelligent investment, and improve supervision from the aspects of fiduciary duty, hierarchical supervision system, algorithmic supervision, information disclosure and investor appropriateness, etc.
【作者单位】： 上海对外经贸大学法学院;
【基金】：2016年国家社科基金一般项目"注册制下证券发行信息披露有效监管研究"(16BFX133) 2014年度国家法治与法学理论研究项目"证券发行注册制的法理内核与审核机制研究"(14SFB4007) 上海市社科规划课题项目"证券发行注册制的法理基础与实现路径"(2014BFX014)的阶段性研究成果
【分类号】：D922.287
，
本文编号：2161604
[Abstract]:Intelligent investment is an important direction in the development of financial science and technology with data and technology as the core driving force. Through the program based on the network algorithm, the registered investment consultant who uses the innovation technology to provide the user with the full authorization account management service is the American SEC's definition of intelligent investment. In our country, intelligent patronage is confronted with conflicts between business model and Article 171 of Securities Law, license system and discontinuation of license plate, while the particularity of intelligent patronage, such as the fuzziness of business boundaries, challenges the traditional fiduciary duty. The transborder nature of services challenges the hierarchical supervision, the professionalism of the algorithm challenges the traditional regulatory means, and the centralized decision making challenges the "consistent action" supervision, which also brings new legal risks to the traditional supervision. It is suggested that the relevant provisions of Article 171 of the Securities Law of our country be amended to remove the barriers of access to intelligent investment, and improve supervision from the aspects of fiduciary duty, hierarchical supervision system, algorithmic supervision, information disclosure and investor appropriateness, etc.
【作者单位】： 上海对外经贸大学法学院;
【基金】：2016年国家社科基金一般项目"注册制下证券发行信息披露有效监管研究"(16BFX133) 2014年度国家法治与法学理论研究项目"证券发行注册制的法理内核与审核机制研究"(14SFB4007) 上海市社科规划课题项目"证券发行注册制的法理基础与实现路径"(2014BFX014)的阶段性研究成果
【分类号】：D922.287
，
本文编号：2161604
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