Abstract:With the deepening of the reform of my country’s stock issuance system，Our country has introduced the gatekeeper theory proposed by American scholars，And use this as a theoretical basis to continuously increase the bet365 free bets of intermediaries，Attempting to promote the realization of the "gatekeeping" function of capital market intermediaries through strict legal bet365 free bets。But there are limits to responsibility，If the responsibility is too heavy，Violates the principle of “equivalent responsibilities”，It will be detrimental to the ecological balance of the capital market。Configuration of legal responsibilities of intermediaries，Distributive justice should be considered、Incentive compatibility、Many factors such as business logic and national competition，To achieve a balanced interest of all parties。There are fundamental flaws in the gatekeeper theory and system，It should be replaced by the theory and system of "pursuing the first culprit"，To reasonably allocate risks，Scientific configuration of legal bet365 free bets，Enhance "Chasing the Evil" and Precision Strike；On the basis of distinguishing intention and negligence，Application of limitation of joint and several bet365 free bets；On the basis of distinguishing between public offering market responsibilities and public trading market responsibilities，Set different bet365 free bets limits respectively，To promote the health of capital markets、rational、Coordinated development。

　　Keywords:Market Gatekeeper Chasing the first evil Independent expert consultant Joint and several bet365 free bets

　　AuthorXing Huiqiang，Professor, Law School, Central University of Finance and Economics (Beijing 100081)。