智能投顧：類型化及規制邏輯

Robo-Advisor: Categorization and Regulatory Logic

科技金融成為全球金融發展的前沿課題，與此同時，智慧技術亦為投資顧問業務提供新路徑，使其偏離單純以「投資諮詢」為內容的傳統模式，轉而形成以「資產管理」為核心的新型複合業務。然而中國大陸卻尚未形成針對智慧投顧或投資顧問的高位階統一立法，僅依靠目前的資產管理法律規定難以形成對其的有效規制。故，有必要從智慧投顧的功能定位出發，將市場中資質不一、規模不等、業務不同的智慧投顧進行類型化分析，通過「諮詢型」智慧投顧、「資管型」智慧投顧，以及「諮詢＋資管型」智慧投顧三大類型分別分析並提出具有針對性的規制方法，透過多層次的、寬嚴相濟的規制體系，以期有效治理目前「一放就亂、一管就死」的智慧投顧市場亂象。

Financial technology has become the frontier topic of global financial development. In the meantime, smart technology, by providing a new approach to the investment consulting business, enables the business to change from the traditional “investment consulting” model into the new integrated model that focuses on “asset management”. However, China has not formed a unified superior legislation for the Robo-Advisor or investment consulting, and the sole reliance of the current asset management regulations may not constitute effective supervision. Therefore, it is necessary to start from the function of Robo-Advisor and conduct a classification analysis on the various Robo-Advisor businesses in the market. The current market chaos of “let up and it’s chaos, but crack down and it’s stagnation” may by effectively managed by means of separately analyzing the “consulting type”, “asset management type” and “mixed type of consulting and asset management” of Robo-Advisors, targeted supervision, as well as a multi-layered regulatory system with a combination of punishment with leniency.