智能投顧的法律風(fēng)險及監(jiān)管建議
發(fā)布時間：2018-08-03 11:27
【摘要】：智能投顧是以數(shù)據(jù)和技術(shù)為核心驅(qū)動力的金融科技發(fā)展的一個重要方向。通過基于網(wǎng)絡(luò)算法的程序、利用創(chuàng)新技術(shù)為用戶提供全權(quán)委托的賬戶管理服務(wù)的注冊投資顧問是美國SEC對智能投顧的界定。在我國,智能投顧面臨著業(yè)務(wù)模式與《證券法》第171條、牌照制與停發(fā)牌照等沖突;而智能投顧自身的特殊性,如業(yè)務(wù)界限的模糊性對傳統(tǒng)信義義務(wù)的挑戰(zhàn)、服務(wù)的跨界性對分層監(jiān)管的挑戰(zhàn)、算法的專業(yè)性對傳統(tǒng)監(jiān)管手段的挑戰(zhàn)、決策集中性對"一致行動人"監(jiān)管的挑戰(zhàn)等,也給傳統(tǒng)監(jiān)管帶來了新的法律風(fēng)險。建議修改我國《證券法》第171條的相關(guān)規(guī)定,掃除智能投顧的準(zhǔn)入障礙,并從信義義務(wù)、分層監(jiān)管體系構(gòu)建、算法監(jiān)管、信息披露和投資者適當(dāng)性等諸方面完善監(jiān)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.
【作者單位】： 上海對外經(jīng)貿(mào)大學(xué)法學(xué)院;
【基金】：2016年國家社科基金一般項目"注冊制下證券發(fā)行信息披露有效監(jiān)管研究"(16BFX133) 2014年度國家法治與法學(xué)理論研究項目"證券發(fā)行注冊制的法理內(nèi)核與審核機制研究"(14SFB4007) 上海市社科規(guī)劃課題項目"證券發(fā)行注冊制的法理基礎(chǔ)與實現(xiàn)路徑"(2014BFX014)的階段性研究成果
【分類號】：D922.287
，
本文編號：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.
【作者單位】： 上海對外經(jīng)貿(mào)大學(xué)法學(xué)院;
【基金】：2016年國家社科基金一般項目"注冊制下證券發(fā)行信息披露有效監(jiān)管研究"(16BFX133) 2014年度國家法治與法學(xué)理論研究項目"證券發(fā)行注冊制的法理內(nèi)核與審核機制研究"(14SFB4007) 上海市社科規(guī)劃課題項目"證券發(fā)行注冊制的法理基礎(chǔ)與實現(xiàn)路徑"(2014BFX014)的階段性研究成果
【分類號】：D922.287
，
本文編號：2161604
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