Abstract

In the field of fintech innovation, the vitality of legal system lies in the recognition, consensus and normalization of financial innovation practice, rather than formatting the need of market and practice for new pattern of transaction with existing system. The problem of regulation over robo-advisers mainly focus on the discretionary account form of it. It is optional to include it in either investment advice or assets management. If it is chosen to be part of the investment advisory business, it needs the support of capital market high-level legislation. If it is chosen to be included in the asset management business, the scheme of discretionary account management must be adopted, rather than the fiduciary assets management scheme. The regulation logic for robo-advisers in the new asset management rules is unclear and confusing, which should be revised and improved.

Keywords: Robo-Advisers; Artificial intelligence; Investment advice; Assets management; New asset management rules

From: Journal of Renmin University of China 2020(3)