Robo-advisers are online financial adviser services that use algorithms to create investment recommendations without human input. They deliver advice at low costs and they are growing in popularity. However, the nature of the interaction between client and machine raises many legal questions under the applicable EU regulation. This article argues that robo-advisers provide investment advice within the meaning of the Second Markets in Financial Instruments Directive (MiFiD2). They are subject to authorisation by the national regulator and ongoing conduct requirements. It might be tempting to introduce regulatory sandboxes to address the persisting legal uncertainties in practice, but such a regulatory change does not seem likely in the near future. Instead, regulatory arbitrage should be reduced by a uniform application of the MiFiD2 framework throughout the EU. Regulators and courts should also be aware that software replacing human advisers diverges from the basic idea of human interaction that forms the basis of contract law. Investment firms are able to use new technology in the services they provide. However, as this means introducing new risks for investors, the investment firm should be subject to a strict liability regime for failures of the respective technology (for example, the unavailability of the service).

中文翻译：

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减少机器人咨询的法律不确定性和监管套利

机器人顾问是在线财务顾问服务，使用算法无需人工输入即可创建投资建议。他们以低成本提供建议，并且越来越受欢迎。然而，根据适用的欧盟法规，客户与机器之间交互的性质引发了许多法律问题。本文认为，机器人顾问会按照《金融工具第二市场指令》（MiFiD2）的含义提供投资建议。它们必须得到国家监管机构的授权和持续的行为要求。引入监管沙箱来解决实践中持续存在的法律不确定性可能很诱人，但是在不久的将来似乎不太可能进行此类监管变更。反而，应该通过在整个欧盟范围内统一应用MiFiD2框架来减少监管套利。监管机构和法院还应该意识到，代替人为顾问的软件与人际互动的基本概念有所不同，后者是合同法的基础。投资公司能够在其提供的服务中使用新技术。但是，由于这意味着给投资者带来新的风险，对于相应技术的失败（例如，服务不可用），投资公司应遵守严格的赔偿责任制度。