Artificial intelligence-based investment activities in capital markets law: Robo-advisors and algorithmic trading

In this thesis, artificial intelligence-based investment activities are analyzed within the framework of capital markets law. Such investment activities are approached under two main categories: robo-advisory and algorithmic trading. The thesis consists of three chapters; the first chapter focuses on the content of robo-advisory and algorithmic trading services, the second chapter on their legal nature, and the third chapter focuses on the applicable provisions to these services, particularly civil liability. The examples of practices being pointed out in this thesis are only for the purpose of better understanding the topic and scientific research, and do not express our legal opinion or interpretation on the activities and services of any institution. In the context of algorithmic trading activities, as widespread practices in Turkey, there are not yet clear regulations, especially regarding robo-advisory. In this respect, this thesis comparatively analyzes the position of robo-advisory and algorithmic trading services in capital markets law, and proposes de lege lata solutions and de lege ferenda regulations in case of legal gaps.