로보어드바이저(RA)를 통한 증권거래와 투자자 보호

Together with the rapid development of financial engineering, AI-based RA (Robo-Advisor) has been receiving interest as an attractive investment program to investors for its low cost. However, in the case of investments based on RA, there are not only issues with conflict of interest, but also various legal issues such as problems with defects for the duty of advice depending on the qualitative level of investment advice. Regarding this, there are some noting caution that it would be impractical to apply the duties of the capital markets act as is because the RA algorithm does not live up to the expertise of existing financial investment businesses, but when taking this approach, it would have the issue that regulations for RA would be reduced compared to existing financial investment businesses. Therefore, assertive regulation against this is necessary in terms of protecting investors. Regarding the issue of conflict of interest for RA, the authorities should levy wide-ranging duties of public announcement to RA companies. Not only when conflicts of interest are intentionally programmed in the algorithm, but also when the RA intentionally integrates conflicting incentives, RA companies should have to publicly announce it. They should especially have to digitize how much cost would be generated to each client due to the conflict of interest and reveal it to clients. The suitability rules and duties for explanation according to the capital markets act regarding the duty of advice of RA should be levied as well.