臺灣博碩士論文加值系統

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.

第一章、緒論 1
第一節、研究動機 1
第二節、研究目的 2
第三節、研究方法與架構 2
第一項、研究方法 2
第二項、研究架構 3
第四節、研究限制 3
第二章、理財機器人概述 4
第一節、理財機器人之由來 4
第二節、理財機器人之定義 5
第一項、所有活動過程是全無他人之參與或只有少數人進行從旁協助 5
第二項、理財機器人產出之結果（投資組合，Portfolio）是基於投資人輸入之資訊為依據 6
第三項、小結 6
第三節、理財機器人之現有分類 7
第一項、『資訊建議型』理財機器人 7
第二項、『資產管理型』理財機器人 8
第四節、理財機器人之市場規模與商業模式 8
第一項、理財機器人之市場規模 8
第二項、理財機器人商業模式 11
第一款、D2C Advisory（Direct to Consumer模式） 11
第二款、B2B Advisory（Business to Business模式） 12
第三款、Hybrid Advisory（混合模式） 12
第五節、理財機器人與傳統投資顧問差別 12
第一項、客觀中立的投資建議 12
第二項、可做至完全即時的再平衡投資 13
第三項、低廉收費可享有專業投資顧問服務 13
第六節、小結 13
第三章、美國理財機器人發展概況與現有規範 15
第一節、概述 15
第一項、前言 18
第二項、Betterment LLC 19
第三項、Wealthfront Advisers LLC 20
第四項、Personal Capital Advisors Corporation 21
第五項、Vanguard Advisers Inc. 22
第六項、Charles Schwab Investment Advisory 23
第七項、小結 24
第三節、美國法上理財機器人之適用法律 25
第一項、前言 25
第二項、理財機器人之適用法律 25
第三項、1940年投資顧問法概述 26
第一款、1940年投資顧問法立法緣由 26
第二款、『投資顧問』之定義 27
第三款、1940年投資顧問法之適用排除 27
第四款、投資顧問之註冊登記主管機關 28
第五款、投資顧問之註冊豁免 29
第六款、例外可向美國SEC註冊之投資顧問 31
第四節、美國法上對於投資顧問之受託人義務要求 34
第一項、前言 34
第二項、受託人義務之確立與建立 34
第三項、受託人義務 35
第一款、忠實義務與揭露義務（Duty of Loyalty and Disclosure Obligations） 36
第三款、最佳執行義務（Best Execution Duty） 38
第四項、小結 38
第五節、美國州政府與主管機關對於理財機器人發佈之報告 39
第一項、前言 39
第二項、FINRA研究報告 39
第三項、美國SEC對理財機器人之意見發佈 41
第一款、投資管理部發佈之IM Guidance Update指導文件 41
第二款、投資人教育與宣導辦公室發佈之投資人公告（Investor Bulletin） 42
第四項、麻薩諸塞州對理財機器人之政策聲明與監管指導 42
第一款、麻州政府對於理財機器人之政策聲明 42
第二款、已於麻州註冊登記為受監管之投資顧問使用第三方理財機器人之監管指導 43
第五項、小結 44
第四章、英國理財機器人發展概況與現有規範 47
第一節、概述 47
第二節、英國理財機器人主要公司 49
第一項、前言 49
第二項、Nutmeg Saving and Investment Limited 50
第三項、Scalable Capital 51
第四項、小結 52
第三節、英國法上之投資顧問概述 52
第一項、前言 52
第二項、英國法上應受監管之投資顧問認定 53
第三項、英國法以外之受監管投資顧問之認定 57
第四項、英國投資顧問之分類 58
第五項、英國投資顧問相關監管規範 58
第一款、英國受監管金融機構之設立規範 58
第二款、英國受監管金融機構之設立資本額規範 59
第三款、英國投資顧問從業人員專業之規範 60
第四款、英國投資顧問費用之規範 60
第五款、英國投資顧問揭露事實之規範 61
第六款、英國投資顧問適合性要求之規範 61
第七款、投資顧問之相關契約應以紙本或持久性媒介記載 62
第六項、小結 62
第四節、英國政府與主管機關對於理財機器人之指導文件與政策 63
第一項、前言 63
第二項、FAMR報告提出之相關建議 64
第一款、可負擔性（Affordability ） 64
第二款、易於使用（Accessibility ） 64
第三款、法律責任與消費者補償機制（Liabilities and Consumer Redress） 65
第三項、英國FCA設置專責諮詢部門協助理財機器人發展 65
第四項、英國FCA發佈理財機器人之指導文件 66
第五項、小結 67
第五章、台灣理財機器人發展概況與現有規範 68
第一節、概述 68
第二節、台灣理財機器人主要公司 69
第一項、前言 69
第二項、大拇哥投顧（TAROBO） 70
第三項、台北富邦銀行 71
第四項、王道銀行 72
第五項、小結 72
第三節、台灣法上理財機器人之適用法律 73
第一項、前言 73
第二項、台灣投資顧問之相關規範 74
第一款、設置規範 74
第二款、從業人員之規範 74
第三項、自動化投顧作業要點中有關理財機器人之規範 77
第一款、演算法監管 77
第二款、暸解客戶（Know Your Customer）作業與建議投資組合 78
第三款、公平客觀之執行 78
第四款、再平衡規範 79
第五款、事前事項之告知義務 79
第六款、其他特別事項 80
第四項、小結 80
第六章、理財機器人實務運作與現有規範之比較與台灣理財機器人之監管方向建議 82
第一節、概述 82
第二節、美國、英國與台灣主管機關相關理財機器人之監管規範整理 82
第一項、前言 82
第二項、美國、英國與台灣主管機關既有理財機器人之監管規範整理 83
第三節、理財機器人實務運作與規範期待間之落差與檢視 87
第一項、前言 87
第二項、演算法之監管 88
第三項、投資建議之提出應適合客戶之個人財務狀況 89
第四項、應告知客戶之重要事項 92
第五項、小結 93
第四節、台灣理財機器人之監管方向建議 94
第一項、前言 94
第二項、根據本土業者特性之演算法監管方向建議 94
第三項、理財機器人後續適合性原則之規範 96
第四項、要求揭露潛在利益衝突與第三方業者關聯 97
第五項、小結 99
第七章、結論 100
參看資料 104

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).

四、其他資料來源
1. Andruw Bailey, The Prudential Regulation Authority”, Bank of England Quarterly Bulletin, 2012 Q4, Vol. 52, No.4, available at https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2012/quarterly-bulletin-2012-q4.

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.

7. Charles Schwab, Schwab Intelligent Portfolios Asset Allocation White Paper, available at https://intelligent.schwab.com/public/intelligent/insights/whitepapers/asset-allocation.html.

8. Charles Schwab Investment Advisory Form ADV（27 March 2019）, available at https://www.adviserinfo.sec.gov/IAPD/content/ViewForm/crd_iapd_stream_pdf.aspx?ORG_PK=151739.

9. Deloitte, The expansion of Robo-Advisory in Wealth Management( August 2016), available at https://www2.deloitte.com/content/dam/Deloitte/de/Documents/financial-services/Deloitte-Robo-safe.pdf.

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.

11. DIT, UK Fintech-State of the Nation (April 2019), available at https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/801277/UK-fintech-state-of-the-nation.pdf.

12. Emma Murphy, Changes to the Bank of England”, Bank of England Quarterly Bulletin, 2013 Q1, available at https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2013/changes-to-the-boe.

13. EIOPA, Joint Committee Discussion Paper on automation in financial advice JC 2015 080(4 December 2015), available at https://esas-joint-committee.europa.eu/Publications/Discussion%20Paper/20151204_JC_2015_080_discussion_paper_on_Automation_in_Financial_Advice.pdf.

 
14. EIOPA, REPORT ON AUTOMATION IN FINANCIAL ADVICE (16 December 2016), available at https://esas-joint-committee.europa.eu/Publications/Reports/EBA%20BS%202016%20422%20(JC%20SC%20CPFI%20Final%20Report%20on%20automated%20advice%20tools).pdf.

15. Europe Economics, Retail Distribution Review-Post Implementation Review(16 December 2014), available at https://www.fca.org.uk/publication/research/rdr-post-implementation-review-europe-economics.pdf.

16. EY, Advice Goes Virtual: How New Digital Investment Services Are Changing the Wealth Management Landscape（2015）, available at https://www.ey.com/Publication/vwLUAssets/ey-advice-goes-virtual-how-new-digital-investment-services-are-changing-the-wealth-management-landscape/$FILE/ey-advice-goes-virtual-how-new-digital-investment-services-are-changing-the-wealth-management-landscape.pdf.

17. FCA, 2016/17 Business Plan, available at https://www.fca.org.uk/publication/corporate/business-plan-2016-17.pdf.

18. FCA, Algorithmic Trading Compliance in Wholesale Markets, available at https://www.fca.org.uk/publication/multi-firm-reviews/algorithmic-trading-compliance-wholesale-markets.pdf.

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