我国证券市场智能投顾发展的监管思考  

Regulatory Thinking on the Development of Robo-advisors in the Chinese Securities Market

作　　者：刘沛佩[1] 

机构地区：[1]上海证券交易所,上海200120

出　　处：《证券市场导报》2019年第1期62-69,共8页Securities Market Herald

摘　　要：智能投顾作为智能金融的产物之一,通过大数据的计算能力和分析模型为用户自动生成个性化的投资策略并提供资产管理服务。与域外相比,智能投顾在我国面临法律规定不足、欠缺投资者适当性管理标准、营运者信义义务承担等方面的困境。于监管而言,智能投顾在风险把控、异常交易行为防范和穿透式监管运作等方面亦存有担忧。借鉴美国证券交易委员会关于智能投顾的最新监管政策,我国在智能投顾监管上宜以疏导和规范为主,提高智能投顾应对系统性风险的能力,并主要从明确智能投顾的监管主体与准入门槛、强化风险提示和信息披露、以算法有效性检验和备案为切入点进行技术监管这三方面实现对我国智能投顾的渐进适度监管。With the deepening of AI’s penetration into the financial field, as one of the products of intelligence finance, RoboAdvisors automatically generate personalized investment strategies and provide asset management services for users through the computing power and analysis model of "big data". Compared with the overseas market, Robo-Advisors are facing with the dilemma of inadequate legal provisions, lack of investor propriety management standards, and the undertaking of operators’ fiduciary duty. In terms of regulation, Robo-Advisors have concerns on risk control, prevention of abnormal trading behaviors and penetrated regulatory operation. Learning from latest regulatory policies of the U.S. Securities and Exchange Commission on Robo-Advisors, it is suggested that our country focuses on guidance and specification in regulation of Robo-Advisors, improves the ability of Robo-Advisors in response to systemic risk, and implements gradual and moderate regulation on Robo-Advisors in China. Such gradual and moderate regulation should be implemented mainly from three aspects including specifying the regulator and barriers to entry of Robo-Advisors, strengthening the risk warning and information disclosure, and taking technological regulation by examining algorithm validity and putting the relevant information on file.

关 键 词：智能投顾 监管考量 投资策略 

分 类 号：DF438.7[政治法律—经济法学]