The Evolution And Particularity Analysis Of American Robo-advisor Supervision Regulations

Robo-advisor is a representative product of the rapid development of fintech in recent years,and it is known for providing low-cost and convenient investment advice.The advantages of robo-advisor are obvious.It writes some effective modern portfolio theories based on Markowitz portfolio theory into the algorithm program,which can simultaneously consider a series of investment portfolios and find the best portfolio solution to match the investment target immediately.However,since the initial launch of various financial companies in China in 2016,the development of robo-advisor in China is not as optimistic as expected due to the market system and the ambiguity of supervision.Compared with the United States,there are not many robo-advisor platforms with advanced algorithm programs and high asset management scale.Based on the current relatively mature US Robo-advisor market,we need to analyze the corresponding regulatory policies,learn from the regulatory experience,open up new regulatory ideas,create comprehensive regulatory laws and regulations,and pave the way for the development of China's to promote finance market's booming.This paper first introduces the differences between the US robo-advisor and traditional investment advisor in the first part.The second part is the general principle that the two business models have different supervisions,and analyzes the reasons for this supervision principle.Then another principle is introduced in detail,whichemphasizes the compliance with the investment adviser's fiduciary duty,and analyzes the internal logic from the development and content of the investment adviser's fiduciary duty.The third part introduces the evolution of the regulatory rules on the principle,that is,the United States currently applies for robo-advisor supervision,including the three major agencies of the US Securities Regulatory Commission,the US Department of Labor and the US Financial Industry Regulatory Authority and the regulatory rules they released.The fourth part is to analyze the relevant regulatory requirements of the current regulatory authorities,combine the market with the regulations,and explore the particularity of the applicable regulatory rules for robo-advisor from the disclosure system,interpersonal interaction,and standard questionnaires,as well as the role of robo-advisor in market regulation.Finally,the fifth part analyzes the relevant US regulatory rules,combined with China's market and regulatory conditions,to explain which rules we can fully refer to,that is,to analyze the significance of US regulatory rules for Chinese supervision.