The Financial Supervisory Commission (FSC) on Thursday said it would tighten regulation on securities investment consulting services using robot advisers, as it seeks to prevent manipulation and protect investors’ rights.
The commission said that it would talk with the Securities Investment Trust and Consulting Association to amend the Regulations Governing Securities Investment Consulting Enterprises (證券投資顧問事業管理規則).
The commission said it is planning to increase the maximum fine for malpractice at companies in the sector to NT$15 million (US$489,205) from NT$3.6 million.
Photo: Kelson Wang, Taipei Times
It said it would also launch a review of robot advisory algorithms to assess their investment terms, their ability to react to changes in the market and whether employees at the firms can manipulate the results.
Companies have so far been allowed to self-regulate their algorithms, but an expert panel would be set up to conduct reviews, it said.
As of the end of last month, robot advisers managed funds totaling NT$6.9 billion, up 42 percent from a year earlier, with 167,000 investors using the services, up 17 percent annually, Securities and Futures Bureau data showed.
Sixteen financial firms offered automated portfolio advisory, the data showed.
The top three service providers are Cathay United Bank (國泰世華銀行) with asset under management of NT$1.87 billion, First Commercial Bank (第一銀行) with NT$1.5 billion and Hua Nan Commercial Bank (華南銀行) with NT$700 million, the data showed.
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