Regulation of Robo-adviser:How Does Traditional Framework Fit with Intelligent Financial Service
A typical robo-adviser is a full-process automated investment service,and this requires relevant laws and regulatory rules to support the discretionary account management service model.However,there are some problems in the existing two regu-lation frameworks,including"securities investment adviser"mode and"investment management rules"mode,and two kinds of break through attempts,including"investment adviser business of account management"mode and"fund investment adviser"mode,when applying to the discretionary robo-adviser business.Investment advisers should be allowed to carry out discretionary account management business at the legal level,so as to enable the discretionary robo-advisers to adopt this scheme,and also fa-cilitate the implementation of fiduciary obligations of robo-adviser operators through specific rules.It is necessary and possible to define the relationship between the robo-adviser and the customer as fiduciary relationship,and it can be implemented to the spe-cific subject.In order to implement fiduciary duty of robo-adviser,the corresponding rule framework should be established under the regulation path of investment adviser.The specific requirements under the duty of care include appropriate suggestions,rea-sonable suggestions,best execution and whole-process supervision,while the specific requirements under the duty of loyalty in-clude disclosure of material facts,principal trading rules and cross trading rules.
robo-adviserdiscretionary account managementfiduciary relationshipduty of careduty of loyalty
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