The regulation of the capital market has been in crisis since the start of the new millennium. A series of cases of fraud and company insolvencies on a scale never before experienced in Europe and overseas has resulted in the loss of billions and shattered the trust of investors in the capital market. This work examines the legal structures of the primary market and analyses possible methods of the further development of the German Investor Protection Act based on the example of the underwriting bank or rather the underwriting syndicate, which consists of several banks.