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    政大機構典藏 > 法學院 > 法律學系 > 學位論文 >  Item 140.119/130594


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    题名: 理財機器人之現有規範與其實務運作上之比較——以美國、英國與台灣為例
    Analysing The Current Regulatory Regime and Legal Practices For Robo-Advisor——A comparative case study on Taiwan, the United Kingdom and the United States.
    作者: 羅博威
    Low, Boa-Wei
    贡献者: 臧正運
    Tsang, Cheng-Yun
    羅博威
    Low, Boa-Wei
    关键词: 理財機器人
    投資顧問
    受託人義務
    忠實義務
    善良管理人注意義務
    適合性原則
    演算法監管
    Robo-Advisor
    Investment Advisor
    Fiduciary Duty
    Duty of Loyalty
    Duty of Care
    Suitability Obligation
    Algorithm Supervision
    日期: 2020
    上传时间: 2020-07-01 13:51:10 (UTC+8)
    摘要: 近幾年金融科技發展熱絡，借助科技以往因不同因素而無法獲得金融服務之群體，如今亦能享有，故各國政府莫不大力推行與支持其發展。理財機器人同為金融科技趨勢之一，面世之初即被認為可能取代傳統投資顧問業務，將使更多群體以更便捷與低廉之費用享有以往高資產群體才能享有之投資顧問服務。然後續實務運作中，理財機器人逐漸被質疑是否具能力遵循既有法律制度規範傳統投資顧問應為之受託人義務。因既有法律制度之訂定抑或傳統投資顧問服務之提供，皆以人為主體而立法或提供服務。反觀理財機器人則是以演算法為主體提供投資人顧問服務。於既有法律制度規範主體不同情形下，有關理財機器人受託人義務該如何規範即成為探討議題。
    本文以美國、英國與台灣為例，研析三國關於理財機器人發展脈絡，主要理財機器人業者，理財機器人之法律定位，該定位應遵循之既有法律與義務以及三國主管機關就理財機器人既有之報告與指導文件，藉此暸解理財機器人於該國有關政策與法律面向面臨之境遇。而借助研析三國之既有規範與態度，本文發現目前各國仍未就理財機器人設有專章專法規範，多為各國主管機關以發佈指導文件方式為監管。
    文末，本文則綜合三國既有規範與三國各一家理財機器人實務運作為比較，檢視既有規範是否具尚未規範之處。最後，即以上述之比較結論，結合台灣理財機器人實務，於理財機器人業者與投資人雙方之權益平衡間，拋磚引玉提出台灣後續監管上可能之監管方向。
    Financial technology (Fintech) has been a trend recently. Such innovative technology improves the accessibility and affordability to investment advisory services. Thus, the government across the world have invested massive resources in developing and promoting Fintech. Unlike the traditional investment advisors who offer such their services at a high cost and exclusively to high net-worth clients, Robo-advisors, as part of the Fintech, has a wider clients` outreach and lower cost. However, in the practical scenario, there are questions raised concerning the services of Robo -advisors – does the existing laws and regulations which are designated for conventional investment advisors applicable to the Robo-advisor? The existing laws and regulations are enacted for legal subjects – human-wheseas the Robo-advisors provide investment advisory services based on algorithm. Since Robo-advisors is, in nature, different from a conventional investment advisor, the question of whether Robo-Advisor can perform the fiduciary duty has became pertinent.
    This study takes the United States, the United Kingdom, and Taiwan as examples to analyze the development, major Robo-advisors service provider, the jurisdiction of Robo-advisors, the duties and provisions of the jurisdiction and the guideline and report published by relevant authorities in above countries. The finding of this study reveals that none of the countries mentioned has developed an act particularly to regulate the service of Robo-Advisor. The enforcement has been lenient in these countries.
    This study will also combine and compare the current provision, report, case studies of the practical use of Robo-advisors from these countries to scrutinize the suitability of existing provisions. Last, this study will conclude the result from the comparison, provide an advisory idea for legislators in Taiwan to develop a suitable provision to balance the interest of Robo-Advisors service providers and investors.
    參考文獻: 壹、中文文獻

    一、專書論著
    1. 王志誠，現代金融法，三版（2017年）。

    二、期刊論文
    1. 王偉霖，理財機器人對我國金融及相關法制的衝擊與發展，財金法學研究，2卷3期，頁371-406（2019年9月）。

    2. 杜怡靜，關於金融消費者保護法中『適合性原則』之再反思，月旦法學雜誌，287期，頁22-42（2019年3月）。

    3. 周振鋒，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，東吳法律學報，30卷4期，頁69-107（2018年11月）。

    4. 陳佑軒，自動化投資顧問（Robo-Advisor）相關規範，證券暨期貨月刊，37卷1期，頁5-13（2019年1月）。

    5. 陳佑寰，以適合性原則與說明義務為中心談金融消費者之保護—從最高法院連動債判決談起，全國律師月刊，10月號，頁26-41（2016年10月）。

    6. 陳忠五，校園學生事故中應負損害賠償責任之人-台灣板橋地方法院八十七年度訴字第六九號民事判決評釋，台灣本土法學雜誌，1期，頁64-92（1999年4月）。

    7. 陳禹成，黃志隆，『受託人責任』在英美法上的原意以及在金融消費保護法的適用，月旦財經法雜誌，31期，頁191-216（2012年12月）。

    8. 邵慶平主編，商事法類實務選編，月旦法學教室，183期，頁82-102（2018年1月）。

    9. 曾宛如，董事忠實義務之內涵及適用疑義——評析新修正公司法第二十三條第一項，台灣本土法學雜誌，38期，頁51-66（2002年9月）。

    10. 黃銘傑，金融機構負責人忠實義務加重之理論與實務，月旦法學雜誌，142期，頁149-176（2007年3月）。

    11. 楊岳平，演算法時代下的投資顧問監理議題——以理財機器人監理為例，月旦民商法雜誌，67期，頁28-50（2020年3月）。

    12. 廖大穎，現代金融法的基礎規範，月旦法學雜誌，13期，頁103-109（1996年5月）。

    13. 蔡曜如，金融危機對金融體系與總體經濟之影響，全球金融危機專輯，頁25-46（增訂版）（99年3月）。


    三、判決
    1. 台灣台北地方法院93年重訴字第144號民事判決。

    2. 台灣高等法院100年度上字第19號民事判決。

    3. 台灣高等法院100年度金上訴字第46號刑事判決。

    4. 台灣台南地方法院101年度金字第4號民事判決。

    5. 台灣最高法院102年度台上字第171號刑事判決。

    6. 台灣台中地方法院106年訴字第1177號民事判決。


    四、函釋
    1. 金管銀控字第10460003280號函。

    2. 金管證投字第1040042635號函。

    3. 金管證投字第1040049542號函。

    4. 金管證投字第10500413842號函。

    5. 金管證投字第1060021943號函。

    6. 金管證投字第1060025252號函。

    7. 金管證投字第1070334693號函。

    五、其他資料來源
    1. 谷湘儀、洪志麟、賴冠妤、陳國瑞、呂馥伊，機器人投資顧問（Robo-Advisor）國外實務及相關法令與管理措施之研究，中華民國證券投資信託 暨顧問商業同業公會委託（2016年7月20日版本）。

    2. 陳安斌、陳莉貞、蘇秀玲、郭怡君，我國發展機器人理財顧問之研究，證券暨期貨市場發展基金會委託（2018年）。

    貳、外文文獻

    一、專書論著
    1. JEFFREY J. HAAS & STEVEN R. HOWARD, INVESTMENT ADVISER REGULATION IN A NUTSHELL (2008).

    二、期刊論文
    1. Douglas W. Arner, Janos Barberis & Ross P. Buckley, The Evolution of Fintech – A New Post-Crisis Paradigm?, VOL.47 GEORGETOWN JOURNAL OF INTERNATIONAL LAW 1271, (2015), available at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2676553.

    2. Megan Ji, Are Robots Good Fiduciaries? Regulating Robo-Advisors Under the Investment Advisers Act of 1940, Vol. 117, No. 6 COLUMBIA LAW REVIEW, pg1543-1584 (2017), available at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3036722.

    3. Melanie L. Fein, Are Robo-Advisors Fiduciaries?, (12 September 2017), available at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3028268.

    4. Melanie L. Fein, How Are Robo-Advisors Regulated?（12 September 2017）, available at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3028232.

    5. Melanie L. Fein, Robo-Advisors: A Closer Look, available at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2658701.

    6. Philipp Maume, Regulating Robo-Advisory (April 2018), VOL 55 TEXAS INTERNATIONAL LAW JOURNAl, Issue 1, pg49-87(Fall 2019), available at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3167137.

    7. Serge Darolles, The Rise of Fintechs and Their Regulation, 20 BANQUE DE FRANCE FINANCIAL STABILITY REVIEW, pg85-92 (2016), available at https://ideas.repec.org/a/bfr/fisrev/2016209.html.

    8. Tom Baker and Benedict G. C. Dellaert, Regulating Robo Advice Across the Financial Services Industry (2018), Faculty Scholarship, pg713-750, available at https://scholarship.law.upenn.edu/cgi/viewcontent.cgi?article=2742&context=faculty_scholarship.

    三、判決
    1. Meinhard v. Salmon, 164 N.E. 545, 546(1928).

    2. SEC v. Capital Gains Research Bureau, Inc., 375 U.S. 180, 189, 191-192 (1963).

    3. Teicher v. SEC, 177 F.3d 1016(1999).

    4. Transamerica Mortg. Advisors, Inc. v. Lewis. 44 U.S. 11 (1979).

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    2. BearingPoint, Robo-Advisory in the securities market, available at https://www.bearingpoint.com/files/BearingPoint_Robo-Advisory.pdf?download=0&itemId=562419.

    3. Betterment Form ADV（22 July 2019）, available at https://www.adviserinfo.sec.gov/IAPD/content/ViewForm/crd_iapd_stream_pdf.aspx?ORG_PK=149117.

    4. Burnmark, Digital Wealth (April 2017), available at https://www.burnmark.com/uploads/reports/Burnmark_Report_Apr17_Digital_Wealth.pdf.

    5. CFA Institute, FINTECH 2018 THE ASIA PACIFIC EDITION (19 October 2018), available at https://www.cfainstitute.org/-/media/documents/book/industry-research/fintech-booklet.ashx.

    6. Charles Schwab, Charles Schwab & Co., Inc. Schwab Intelligent Portfolios Solutions Disclosure Brochure, available at https://www.schwab.com/public/file/CMS-BDL100049.

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    10. Deloitte, The Finnish perspective on robo-advisory (2017), available at https://www2.deloitte.com/content/dam/Deloitte/fi/Documents/financial-services/Robo-advisory.pdf.

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    描述: 碩士
    國立政治大學
    法律學系
    106651062
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0106651062
    数据类型: thesis
    DOI: 10.6814/NCCU202000558
    显示于类别:[法律學系] 學位論文

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