The Bank of Russia has established requirements for programs for robots-advisers
The regulator proposes to introduce software requirements for investment advice. The draft guidelines published on the website of the Bank of Russia. In the future these requirements will be checked self-regulatory organization for the accreditation of programmes (of NSMA and NAUFOR).
So, the program must provide individual investment recommendations based on the investment profile of the client, to inform about the risks associated with the provision of individual investment advice. In addition, the program must maintain a history of user actions and the investment adviser, to have protection from unauthorized access and changes the algorithm of its work.
Program avtosvedenie, copying the strategy and transaction specific broker must keep records about instructions to the broker.
It is expected that the new approach to regulation of robot advisors will increase the transparency committed with their assistance transactions, protect consumers of financial products from unfair practices and will contribute to the development of innovative technologies in investment activities.
It is planned that the draft guidelines will come into force in April 2021. Suggestions and comments on the document will be accepted from 27 July to 9 August 2020.
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