金管會於2024年11月18日發布有關「證券投資顧問事業管理規則」第25條之5第1項及第3項之函令，除配合自動化投資顧問服務相關規定已納入證券投資顧問事業管理規則乙事進行文字調整外，並將原定於證券投資信託暨顧問商業同業公會證券投資顧問事業以自動化工具提供證券投資顧問服務（Robo-Advisor）作業要點（作業要點）所訂與客戶約定之之投資組合再平衡之執行方式加以整併。其餘再平衡交易之執行門檻、約定條件等內容，均無變動。
此外，投信投顧公會於2024年11月21日發布「證券投資顧問事業以自動化工具提供證券投資顧問服務作業規範」（作業規範），並廢止前揭作業要點。作業規範相較於作業要點之主要差異包括：（1） 提供自動化投資顧問服務及變更提供自動化投資顧問服務所使用之演算法，應檢具書件送投信投顧公會審查；（2） 明定事業應建立利益衝突防範機制；（3） 事業應與客戶簽訂證券投資顧問契約；及（4）作業規範之內容應納入內部控制制度或內部管理制度，由內部稽核人員定期或不定期稽核財務及業務，並作成稽核報告。
報告人：劉孟哲律師／蘇姵蓁律師
On 18 November 2024, the FSC announced the ruling related to "Paragraph 1 and 3, Article 25-5 of the Regulations Governing Securities Investment Consulting Enterprises." In addition to the textual adjustments made to align with the regulations related to robo-advisor services, which have been incorporated into the Regulations Governing Securities Investment Consulting Enterprises, the implementation methods for portfolio rebalancing, as agreed upon with clients, stipulated in the former "Direction on the Utilization of Robo-Advisors by Securities Investment Consulting Enterprises" (Direction), have also been consolidated. Other contents, such as execution thresholds and agreed conditions for rebalancing transactions, remain unchanged.
Furthermore, the SITCA issued the "Regulatory Rules on the Utilization of Robo-Advisors by Securities Investment Consulting Enterprises " (Regulatory Rules) on 21 November 2024 to replace the above-mentioned Direction. The main differences between the Regulatory Rules and the include: (1) enterprises providing robo-advisor services or changing the algorithms used in these services shall submit relevant documents to the SITCA for review; (2) the enterprises must establish mechanisms to prevent conflicts of interest; (3) the enterprises must enter into securities investment advisory agreements with clients; and (4) the content of the Regulatory Rules shall be incorporated into the internal control or management system, with internal auditors conducting regular or ad hoc audits of financial and business activities and preparing audit reports.
Reported by: Jeffrey Liu / Amy Su
惇安法令雙週刊 第 453 期