論機器人投資顧問之興起與投資人之保護——以美國法為中心

The Rise of Robo-Advisors and the Protection of Investors–An Analysis Based on the Law and Experience in the U.S.

機器人投資顧問係指一種網路投資平台或設計，藉線上問卷方式由投資人自行輸入資料，進而利用演算法與資產配置模型分析，建議投資人合適的證券投資標的與組合，自動將客戶資金配置於其所建議之投資組合，並持續管理帳戶資產，服務提供過程中極少或全無人類涉入。此種新興產業對傳統的投資建議傳送模式已造成相當大衝擊。但由於服務過程中全無或極少人力參與，是否能在既有以人為規範對象之法規妥適地經營，即產生不少疑問。本文擬研析美國法下實務發展經驗與學術討論，深入了解機器人投資顧問所面臨之運作與法規挑戰，同時藉此探討我國機器人投資顧問發展與管制之可能方向。 Robo-advisors operate in a digital platform or device using online algorithmic-based programs to provide asset management services by generating a portfolio for the client and subsequently managing the client's account. Many robo-advisors provide investment advice directly to the client with limited direct human interaction or even without any human intervention. This might be a question for robo-advisors how and whether they discharge their duties owed to their clients under the existing body of regulations. This Article is expected to have a comprehensive analysis of robo-advisors based on the experience and law in the U.S. and to provide some insights into possible policy about how to regulate Taiwan's robo-advisors in the future.