智能投资顾问模式中的主体识别和义务设定  

Identification of the Obligor and Duty Construction in the Robo-Financial Advisor Mode

作　　者：高丝敏 

机构地区：[1]清华大学法学院

出　　处：《法学研究》2018年第5期40-57,共18页Chinese Journal of Law

摘　　要：在智能投资顾问模式下,不具有独立的法律人格的智能投资顾问取代自然人为投资者提供咨询意见,主要以金融从业者为规制对象的传统法律体系实际上被架空,从而导致义务主体虚无化和义务体系失灵的问题,因此有必要重构相关主体识别制度及其义务体系。智能投资顾问是运营者(投资咨询机构)延伸出去开展业务的长臂,运营者及其内部智能投资顾问的监管者应当被识别为受托人,承担信义义务和合规义务。智能投资顾问的研发是投资咨询行为前置为算法的过程,是对自然人投资顾问行为的模拟。程序研发者区别于研发过程中提供交易和决策模型的金融从业者,前者仅是投资顾问的辅助人,不承担投资顾问的义务;后者应当被识别为投资顾问,并承担相应的义务。智能投资顾问模式下义务的设定需要穿透到算法层面,基本的原则是,既要避免以算法黑盒为由逃避和减少义务,导致责任缺位,也要充分体现人工智能的发展,避免过于苛责义务人。When using robo-advisors,the traditional legal framework,which mainly takes financial professionals as its regulatory targets,is impractical and ineffective in regulating robo-advisors,which have no independent legal personality,thus leading to such problems as non-enforcement,the nihilization of obligors and the failure of the existing system of duties.To deal with this dilemma,lawmakers need to restructure the obligor’s identification mechanism and the duty system.To be specific,the robo-advisors are the long-arms of the operators(the investment advisory institutions),outreaching for business;therefore,the operators and the person monitoring robo-advisors should be identified as the trustees by law and undertake the fiduciary duty and compliance duty accordingly.The design and manufacture of robo-advisors is actually a process of pre-processing the advisory action into algorithm,a simulation of the natural person’s investment advisory behavior.The duties of the programmers should be distinguished from those of financial professionals who provide transaction and decision models for intelligent agents.The former should be identified as assistants to investment advisors,who do not bear the advisors’obligations,while the latter should be identified as the investment advisors by law,who should fulfill the advisors’duties.The substance of the duties of the robo-advisor mode needs to penetrate through the complex veil and reach the algorithmic level to reflect their essential characteristics.The basic principle to be followed by the new regulatory paradigm is to fully embrace new developments of artificial intelligence,so as to prevent the absence of accountabilities resulting from the evasion and reduction of duties by algorithm black box,while at the same time avoid overburdening the obligors.

关 键 词：智能金融 智能投资顾问 长臂规则 信义义务 

分 类 号：D922.28[政治法律—经济法学]