Capital market law has undergone dynamic development in recent years. Therefore, the author examines the changes in capital market participation transparency brought about by the Investor Protection and Function Improvement Act, as well as the implementation of the Transparency Directive Amending Directive into German law. He systematically analyzes this development from a dogmatic and legal policy perspective, focusing on the fundamentals of participation transparency, its fundamental changes due to the aforementioned legislative measures, and the legal policy pros and cons.