中文摘要：

美国1933年《证券法案》开始,就建立了投资者对证券市场看门人的虚假陈述诉讼制度,这一制度在此后的80多年中几经风雨,曾被认为是证券法遏制看门人虚假陈述并保护投资者的利剑,但在理论的演进和司法裁判的发展中终被废止。2001年安然事件中,看门人制度失灵,投资者遭受了巨大损失,美国学者再一次对这一理论展开讨论。我国也在2003年通过司法解释将看门人纳入虚假陈述诉讼当中,这一制度对于不成熟的我国证券市场有着积极的一面,但是目前司法实践中鲜有此类案件。借鉴美国这一制度的发展,作者认为对于发行人和看门人的区分保护将是我国未来司法和理论研究的重点。

英文摘要：

The Securities Act of 1933 established the strict liability of gatekeeper. This institution which was considered as the best to rule to protect the investors had experienced a lot in the past 80 years. However, it was abolished by the Supreme Court.In 2001, suffering from the biggest loss, investors failure to claim the gatekeepers in debacles such as Enron, which revived the discussion of private liability to gatekeepers. Although Chinese judicial interpretation has established this institute in 2003, few cases appears in the court. But it has the positive side to our security market. Imitating the development of the rules in US, I think the point of this question would be the distinguishing theory of issuers and gatekeepers in the market.