ESMA analysis shows continued growth in cross-border investment services

Investor protection

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