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標題: | 自動化投資顧問服務對證券投資信託及顧問法制衝擊──以美國受任人義務為出發 The Impact of Automated Investment Advice Tools on Securities Investment Trust and Consulting Act: A Comparative Study on American Law |
作者: | Kuang-Te Yu 游光德 |
指導教授: | 邵慶平(Shao, Ching-Ping) |
關鍵字: | 自動化投資顧問,理財機器人,自動化投資顧問服務, Robo-advisor,Automated Investment Advice Tools, |
出版年 : | 2019 |
學位: | 碩士 |
摘要: | 因應金融科技發展而催生「自動化投資顧問服務」,隨著網路及行動裝置普及使其重要性與日俱增。在社群媒體廣泛鼓吹之下,自動化投資顧問服務受到千禧世代廣泛使用而逐漸成為自然人顧問之低價替代品,於此同時卻忽略自動化投資顧問服務並非本質上不具利害衝突。事實上自動化投資顧問服務可能產生更嚴重之利益衝突,其介於投資人及基金公司之間,可能受共同基金和交易所買賣基金所提供之誘因,而產生對於投資人不完全有利之建議。
隨著自動化投資顧問服務將徹底改變個人投資方式,此問題愈發重要,有必要為自動化投資顧問服務建立適當之監管,金融監督管理委員會須在保護投資者及允許自動化投資顧問創新、發展之自由間取得平衡。自動化投資顧問為年輕投資者及非高資產投資者之選擇,使原未使用投資顧問者受到財務專家之保障;另一方面我國證券投資信託及顧問法、相關子法課予投資顧問對於投資人負有受任人義務,在該義務下而應避免與投資人產生利益衝突。相關法制如何介入處理、自動化投資顧問服務應否及如何扮演中立之角色,同時確保其營運自由不受過度限制,即為本文所欲探討的焦點。本文將著重自動化投資顧問服務在我國發展所產生之影響及提出解決利益衝突之方式,並主要以美國法制與案例作為主要比較法素材,從現有自動化投資顧問服務法制、研擬中法制為方向進行研究。 本文認為現行自動化投資顧問服務有許多缺陷,但其出現使得原未得到投資顧問服務之投資人得以低廉之費用獲得較佳之投資服務。對於研究方向的結論與建議如下:其一,自動化投資顧問服務在證券投資信託及顧問法及相關子法下對投資人負有受任人義務,原則應避免利益衝突,然而於部分情形下難以避免,應揭露利益衝突。得參考外國法制上Form ADV制度,藉由定期、即時更新告知投資人利益衝突之有無、程度,使投資人得以選擇投資顧問時作為其判斷基礎。其二,證券投資信託及顧問法、相關子法在制訂時顯然無法預見自動化投資顧問服務出現,因此將與部分法規產生衝突,隨著金融科技發展與創新實驗條例通過後,於主管機關核准辦理之期間及範圍內,證券投資信託、顧問事業得不適用投信投顧法之規定。 With the rapid spread of the Internet and mobile devices, automated investment advice tools arising from the development of financial technology have become more important. Widely advocated by social media, automated investment advice tools have been embraced by millennials and become a low-cost alternative to financial advisors. However, the ignored fact is that automated investment advice tools are not essentially immune to the interests that affect financial advisors. In fact, automated investment advisory services, sponsored by mutual funds and exchange-traded funds, may cause more serious conflicts of interest between investors with filtered recommendations that might not prove to be entirely beneficial to investors. Automated investment advisory services are embraced by those with low account balances and young investors who do not enjoy the navigation of financial experts. On the other hand, the fiduciary obligations are imposed on investment advisers under the Securities Investment Trust and Consulting Act and related sub-law. Advisers should accordingly avoid conflicts of interest against clients. This paper will try to discuss how the relevant legal system gets involved, and whether automated investment advisory services should play the role of neutrality and ensure that their freedom of operation is not subject to excessive restrictions. According to reference to advanced nations such as the United States, this paper will also focus on the review of the modification of the relevant laws and regulations. The main conclusion and suggestion of this study are that under the Securities Investment Trust and Consulting Act and related sub-law, automated investment advisory services should avoid conflicts of interest with clients. Once the conflicts of interest occur, we can refer to the Form ADV system to inform investors. With instant and regular update of information, clients can discern the occurrence and degree of any possible conflict of interest, while investors can choose investment advisors based on their judgment. Secondly, it is obviously impossible to foresee the emergence of automated investment advice tools, when the legislative authority enacted the Securities Investment Trust and Consulting Act and related sub-law. Also, it will contradict with some of the existing laws and regulations. Upon the enactment of Financial Technology Development and Innovative Experimentation Act, securities investment trust enterprises and securities investment consulting enterprises may conduct innovative experimentation in securities investment trust, securities investment consulting, and discretionary investment business, which would be exempted from Securities Investment Trust and Consulting Act section 6-1. |
URI: | http://tdr.lib.ntu.edu.tw/handle/123456789/662 |
DOI: | 10.6342/NTU201904414 |
全文授權: | 同意授權(全球公開) |
顯示於系所單位: | 法律學系 |
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