On 1 November 2007 the Finanzmarktrichtlinie-Umsetzungsgesetz (FRUG) came into effect. The FRUG is supplemented by two directives, the Wertpapierdienstleistungs-Verhaltens- und Organisationsverordnung (WpDVerOV) (as amended by the Erste Verordnung zur Änderung der Wertpapierdienstleistungs-Verhaltens- und Organisationsverordnung) and the Erste Änderungsverordnung zur Finanzanalyseverordnung. Together with the aforementioned directives the FRUG implements the Markets in Financial Instruments Directive (MiFID) into German law, which is itself supplemented by a MiFID Implementing Directive and a Commission Regulation. Altogether this legislation is part of the Financial Services Action Plan of the European Commission aiming at the formation of a single market for financial services. The new legislation leads to material changes in the Wertpapierhandelsgesetz (WpHG). On the one hand numerous new regulations have been added, on the other hand already existing regulations have become much more detailed. Thus the WpHG has finally become “the constitution” of German capital market law.