Journal Name: Singapore Journal of Legal Studies

Abstract:

In the context of intelligent finance, the traditional legal framework targeting financial professionals is impractical and ineffective for robo-advisors do not possess independent legal personality, thereby leading to problems of empty enforcement, confusion concerning the identity of obligors and the failure of the existing system of duties. To deal with this dilemma, lawmakers need to restructure the obligor's identification mechanism and the system of duties. The substance of duties for the mode of robo-advisor needs to penetrate the complex veil and keep up with the algorithmic level to reflect their essential characteristics. The principles for the new regulatory paradigm are to avoid the evasion of accountabilities and responsibilities caused by dodging and relaxing the duties with the excuse of algorithm black box, as well as to avoid overburdening obligors by fully embracing the new development of artificial intelligence.