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| Title: | 金融科技發展下我國金融消費者保護法之因應－以機器人投顧之義務為中心
The Response of Financial Consumer Protection Act For the Development of FinTech：Focusing on the Obligation of Robo-Advisors |
| Authors: | 翁嘉均
Weng, Chia-Chun |
| Contributors: | 張冠群
翁嘉均
Weng, Chia-Chun |
| Keywords: | 機器人投資顧問
金融消費者保護法
受任人義務
適合性義務
說明義務
Robo-Advisors
Financial Consumer Protection Act
Fiduciary Duty
Suitability Obligation
Duty of Disclosure |
| Date: | 2019 |
| Issue Date: | 2019-09-05 16:24:34 (UTC+8) |
| Abstract: | 機器人投資顧問提供投資人透過低成本、低門檻接受個人化投資管理服務，在各國政府對於金融科技發展持開放態度，且年輕世代對於網路依存度高之背景下，機器人投資顧問得以在近年間於各地蓬勃發展。我國目前對機器人投資顧問業者尚未設有專法因應，但自國際競爭及產業整體發展的角度以觀，機器人投資顧問實為產業發展之重要議題，且所可能衍生的風險也不容小覷。
本文以機器人投資顧問適用我國金融消費者保護法後所可能出現的爭議，提出以下問題，分別為「金融消費者保護法的受任人義務內涵、能否履行受任人義務、受任人義務如何調整、風險及利益衝突之監管、金融消費者之保障」，透過相關法規之立法理由、實務判決見解、分析國內外學者文獻及比較法包括美國、英國等為主要研究方法，借鑒他國監理機關之觀點，進而針對以上議題分析提出個人建議，並供立法者及主管機關參考。
研究結論與建議上，本文認為我國金融消費者保護法規定之受任人義務中，善良管理人注意義務即為適合性義務與說明義務的履行，另可將資訊揭露視為其忠實義務之一環，並透過法理解釋或修改法規的方式，進而調整或界定機器人投資顧問之受任人義務，主管機關也應針對機器人投資顧問的服務模式，重新檢視過往對於傳統投資顧問的監管法規，並補足自動化服務要點的缺失，完善演算法監理及風險揭露要求，俾使其能夠於金融市場上穩定經營，於促進金融創新及保障金融消費者間取得平衡。
Robo-advisors offer investors access to personalized investment management services at low cost and with low barriers to entry. Robo-advisors have flourished in recent years in a world where governments are open to FinTech development and young people rely heavily on the Internet. At present, there is no specific method to deal with Robo-advisors in Taiwan, however, from the perspective of international competition and the overall development of the industry, Robo-advisors are indeed an important topic of FinTech innovation, and the risks it may generate should not be underestimated.
Based on the possible disputes arising from the application of Financial Consumer Protection Act by Robo-advisors, this paper proposes the following questions, which are respectively “the connotation of the fiduciary duty of the financial consumer protection act, whether the fiduciary duty can be fulfilled, how the fiduciary duty can be adjusted, the regulation of risks and conflicts of interest, and the protection of financial consumers.”. Through the legislative reasons of relevant laws and regulations, practical judgment opinions, analysis of domestic and foreign scholars` literatures and comparative laws, including the United States and the United Kingdom, etc., as the main research methods, this paper draws on the views of other countries` regulatory authorities, and then puts forward personal suggestions on the above issues for the reference of legislators and competent authorities.
In conclusion and suggestions, this paper argues that the duty of care of fiduciary duty is the fulfillment of the suitability obligation and duty of disclosure, and the disclosure of information can be regarded as a part of the duty of loyalty. Through legal interpretation or modify the regulations, and then adjust or define Robo-advisors’ fiduciary duty, the competent authority should also aim at the service mode of Robo-advisors, to review the past for the traditional investment advisers regulations, and make up the lack of Securities Investment Trust & Consulting Association of the R.O.C. Guidelines for Securities Investment Consulting Services of Securities Investment Consulting Enterprises (SICEs) with Automated Tools (Robo-Advisor), improve the algorithms supervision and risk disclosure requirements, which allow it to financial market stability and operation, to reach the balance between promoting financial innovation and protecting financial consumers. |
| Reference: | 參考文獻
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http://www.worldbank.org/en/topic/financialinclusion/overview#1 |
| Description: | 碩士
國立政治大學
法律學系
1066510381 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G1066510381 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU201900741 |
| Appears in Collections: | [法律學系] 學位論文
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