European Securities and Markets Authority esma.europa.eu

ESMA analysis shows continued growth in cross-border investment services

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October 14, 2026 00:00 Guidance

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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.

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.

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.

ESMA will carry out the next data collection in 2027.

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Source: European Securities and Markets Authority.

Read the original at the source: https://www.esma.europa.eu/press-news/esma-news/esma-analysis-shows-continued-growth-cross-border-investment-services

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