로보어드바이저(RA)의 적합성원칙과 설명의무 규제에 관한 법적 연구

초록

With the development of ICT technology, the start-up technology ecosystem has spread around the fintech industry, and automated investment tools for asset management of the public have drawn attention. Robo-advisor(RA) is a type of financial service that automatically manages investment assets online, and utilizes an automated computer algorithm based on investment information entered by investors. As a result, RA emerged as a new system for managing financial assets conveniently and quickly. A robo-advisor automatically executes the entire process, from investor profiling, asset allocation, portfolio selection, trade execution, and rebalancing, with only a software computer system program without human intervention. Recently, ETFs are mainly used to construct robo-advisor portfolios, which have the advantage of being convenient for using investment strategies according to asset allocation by tracking the stock index. However, as it is exposed to many investment risks, it is necessary to strengthen the suitability principle and detailed procedures and requirements for the duty of explanation for the protection of financial consumers. Investment adequacy judgment is a mandatory regulation that secures a reasonable basis for judging the suitability of an investment target. It is stipulated that unsuitable investors cannot be recommended to conclude contracts. In particular, in order to identify investor propensity, it is necessary to faithfully reflect the objective investment environment and conditions of the investor. In addition, various techniques should be used to help investors understand. The duty of explanation is to accurately explain to investors the risks and structures of financial instruments that are investment targets and to suggest methods for seeking reasonable judgment. In addition, it is necessary to comprehensively consider the investor's experience and ability.

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