RA에 의한 고빈도거래와 불공정거래 행위의 규제 개선방안 연구 - 인공지능(AI) 기반의 로보어드바이저(RA)를 중심으로 -

In this study, regulation of price manipulation and inside transaction was reviewed as the legal issues of financial investment product transactions using AI-RA algorithm. Now, RA using AI algorithm is not yet at the stage to substitute traditional investment consultants completely but, if untact times is accelerated, the functions of RA may become more important. Where, when AI-RA algorithm transactions are activated, they may be abused for unfair transactions under Capital Market and Financial Investment Business Act such as price manipulation using algorithm and use of undisclosed important information and systematic supplementation should be made for reasonable regulation of such issues. Above all, in case of price manipulation, if representative, etc. of a security company constructed AI algorithm for floating transactions with the purpose of misconception or continues transactions using AI algorithm in spite of perception of the property to make prices and transactions artificially, the representative, etc may be regulated by the reason for violation of liability for prohibition of price manipulation. Meanwhile, if RA reaches the stage in future to handle orders and portfolio re-balancing automatically, it will be required to regulate RA by more strengthened strength compared with HFT, etc. Therefore, it is required to construct and control AI-RA algorithm so that security companies, etc. do not make transactions with the algorithm for artificial prices and companies bear the liability to construct due-date transaction systems in market supply. And then, in terms of inside transactions, if an information recipient reflects undisclosed important information in AI-RA algorithm with recognition of nondisclosure, such case belongs to inside transactions and regulation under violation of Capital Market and Financial Investment Business Act is possible. Also, if an information recipient knew undisclosed important information but did not inform it to the person in charge of transactions and if a transaction was made with reflection of such information in AI-RA algorithm, such action should be deemed as the action to use undisclosed important information of corresponding security company. In addition, it is required to let corresponding financial investors bear the liability for construction and control of systems so that undisclosed important information is not reflected in AI-RA algorithm and to legislate the regulatory basis such as imposition of penalty surcharge for violation of such liability.