ESMA analysis shows continued growth in cross-border investment services

14/10/2026

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has completed its annual analysis of the cross-border provision of investment services, together with national competent authorities (NCAs).

The exercise collected data from investment firms across 30 jurisdictions in the EU/EEA and found that cross-border investment activity continued to grow significantly in 2025.

Key findings:

• A total of 379 financial firms provided cross-border services to retail clients.
• Approximately 15.5 million clients in the EU/EEA received investment services from firms located in other Member States, almost twice as many as in 2023.  
• Compared to 2024:
• The number of firms increased by 2%.
• The number of retail clients rose by 47%.
• Complaints remained stable (decreased by -0.2%).
• Cyprus remained the primary location for firms providing cross-border investment services in the EU/EEA, accounting for 20% of passporting firms, followed by Luxembourg (14%) and Germany (12%).
• France, Spain, Germany and Italy are the main destinations for retail clients receiving cross-border services in other Member States.

These findings will support ESMA and the NCAs in monitoring cross-border investment services and understanding developments affecting retail investors across the EU/EEA.

Next steps

ESMA will carry out the next data collection in 2027.

 Further information:

Iris Hude, Communications Officer, press@esma.europa.eu

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