本文详细分析伦敦证券交易所AIM市场等市场的保荐制度和美国承销商法律责任的相关法规、判例,认为“保荐人牵头责任”模式和“区分责任”模式并无明显差异,均需强化对承销商的保荐责任。同时,本文对注册制下完善保荐人保荐责任进行了思考。 This article analyzes in detail the relevant regulations and precedents on the sponsor system of the AIM markets such as the London Stock Exchange and the legal obligations of the underwriters in the United States. It considers that there is no significant difference between the “sponsor lead responsibility” and the “distinguish responsibility” mode Need to strengthen the underwriter’s sponsor responsibility. At the same time, this article makes a consideration of improving the sponsor’s sponsorship responsibility under the registration system.