智能投顾的技术风险及其法律规制

Technical Risks and Legal Regulations of Intelligent Investment Advisory

摘要: 智能投顾业务在降低投资成本和投资门槛、顺应普惠金融发展理念的同时，因算法黑箱的存在而产生算法歧视、数据安全受到威胁以及民事责任主体不清等投资者保护困境。必须明确当前智能投顾的义务与责任主体仅限于智能投顾运营主体，且运营者需要履行更全面持久的信息披露义务；同时需引入投资限额制度，与合格投资者制度相互配合，有效控制投资者的最大风险；此外要加强智能投顾平台对投资者金融数据处理的规制，督促其积极履行投资者金融数据保护义务以更好保护投资者金融数据和隐私安全。

Abstract: While intelligent investment advisory business reduces investment costs and investment threshold and conforms to the development concept of inclusive finance, it may also give rise to investor protection dilemmas such as algorithmic discrimination, data security threats and unclear civil liability subjects due to the existence algorithmic black box. It must be made clear that the subjects of obligations and liability of intelligent investment advisory services are limited to intelligent investment advisory operators, and such operators are required to fulfill the obligation of information disclosure in a more comprehensive and lasting manner; and, it is also required to introduce the investment quota system and coordinate with the qualified investor sys-tem to effectively control the maximum risks of investors. In addition, it is required to tighten reg-ulations on intelligent investment advisory platforms’ processing of investors’ financial data and urge such platforms to actively fulfill their obligations of protecting investors’ financial data, so as to better protect investors’ financial data and their privacy.