Jusletter IT

This paper examines the basics of Robo-Advisors, attempts a definition, and lays the necessary groundwork for analyzing both, regulation and contractual relationship between robots-related participants and the attribution of liabilities among them. The objective of this study is to offer a taxonomy of the Robo-Advisory industry and, in order to achieve this aim, we will define a robo-advisor as the algorithm that can provide investment services to an investor. A robo-advisor will involve the participation of following roles, that could be played by the same or different actors: the programmer, the owner, the user and the investor. Considering the relations among these players we will do the taxonomy.