智能投顧市場準入法律規制研究

Legal Regulation of Robo-Advisors’ Market Access

目前，國際上有關智能投顧市場準入的法律規制有統一牌照管理模式和分別牌照管理模式之分。從智能投顧的本質屬性和長遠發展來看，統一牌照管理模式是智能投顧市場準入法律規制的應然選擇。我國針對投資咨詢業務和資產管理業務有著嚴格區分，對智能投顧市場準入采用的是分別牌照管理模式。但是，我國當前有關禁止投資顧問接受全權委托、代客理財的法律限制以及證券投資咨詢業務牌照停發的事實，嚴重阻礙了我國智能投顧的發展。對此，應當在明確智能投顧綜合性金融服務法律屬性的基礎上，對我國相關法律法規進行修改、完善，恢復證券投資咨詢業務牌照的發放，從而掃清智能投顧合規、健康發展之路的法律障礙。

"In recent years,with the rapid development of robo-advisors,the legal regulation of robo-advisors has also made some progress.Currently,there are uniformed licensing management model and respective licensing management model worldwide concerning the legal regulation of robo-advisors’market admission. From the perspective of the essence and the future development of robo-advisors,the uniformed licensing management model is the due choice of the legal regulation of robo-advisors’market admission.In China,there is a rigid distinction between investment advice and asset management so as to the respective licensing management model is its current practice.But the laws and rules that forbid investment advisers from conducting asset management in China,and the fact of the stop-issuing of investment advisers’license prevent the further development of robo-advisors.Therefore,by clarifying the legal attribute of robo-advisors,we should make proper amendments of China’s current laws and rules and unloose the issue of investment advisers’license in order to remove the barriers of robo-advisors’development and promote its future development."