Pravna regulacija investicijskih usluga investicijskog savjetovanja i upravljanja portfeljem pružanih putem "robo-savjetnika"

master's thesis

• Title (english): Legal Regulation of Investment Advisory and Potrfolio Management Services provided through "Robo-advisors"
• Author: Luka Švić
• Mentor: Antun Bilić (mentor)
• Committee member: Antun Bilić (predsjednik povjerenstva)
• Committee member: Siniša Petrović (član povjerenstva)
• Committee member: Tomislav Jakšić (član povjerenstva)
• Granter: University of Zagreb; Faculty of Law; (Company Law and Company Law); Zagreb
• Defense date and country: 2023-07-06, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Law

Abstract

„Robo-savjetnici“ su digitalne platforme za pružanje investicijskih usluga savjetovanja i upravljanja portfeljem pomoću automatiziranih sustava za kontakt s klijentima. Dok se u tradicionalnom načinu rezultati investicijskih usluga temelje na znanju i iskustvima fizičke osobe – investicijskog savjetnika, procjene robo-savjetnika temelje se na algoritamskim izračunima. U skladu s principom tehnološke neutralnosti, u Europskoj uniji pružanje investicijskih usluga, neovisno o sredstvima i alatima putem kojih se pružaju, podliježe strogom regulatornom okviru propisanom Direktivom MiFID II. U radu se prikazuje razvoj robo-savjetovanja u okviru šireg fenomena financijske tehnologije (FinTech) te objašnjavaju glavne karakteristike robo-savjetnika zaslužne za rast njihove popularnosti i obilježja investicijskih usluga koje se putem njih pružaju. Posebna pozornost pridana je temama u kojima se ogledavaju posebnosti robo-savjetovanja - provođenje procjena primjerenosti financijskih instrumenata za klijente, potencijalni sukobi interesa te osiguravanje kvalitete algoritama na kojemu se usluge temelje.

Abstract (english)

"Robo-advisors" are digital platforms for providing investment advisory and portfolio management services through automated systems used as client-facing tools. Differing from the traditional method, where the results of investment services are based on the knowledge and experience of a natural person, the investment advisor, robo-advisors base their recommendations on algorithmic calculations. In accordance with the principle of technological neutrality, the provision of investment services in the European Union is subject to the strict regulatory framework prescribed by the MiFID II Directive, regardless of the means and tools used in the process. This paper looks into the development of robo-advisory within the broader phenomenon of financial technology (FinTech) and explains the main aspects responsible for the growth in the popularity of robo-advisors and the characteristics of the investment services provided through them. Special attention was paid to topics that reflect the peculiarities of robo-advisory - conducting assessments of the suitability of financial instruments, potential conflicts of interest and ensuring the quality of the algorithms on which the services are based.

• Keywords: robo-savjetnik; investicijsko savjetovanje; upravljanje portfeljem; FinTech MiFID II; ZTK
• Keywords (english): robo-advisor; investment advice; portfolio management; FinTech; MiFID II; ZTK
• Language: croatian
• URN:NBN: urn:nbn:hr:199:389053
• Study programme: Title: Law; Study programme type: university; Study level: integrated undergraduate and graduate; Academic / professional title: magistar/magistra prava (magistar/magistra prava)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Open access
• Created on: 2023-07-10 07:31:02