Regulatory News
ESMA says cross-border investment services kept growing in 2025
ESMA said cross-border investment services continued to grow in 2025, with 379 firms serving retail clients and 15.5 million clients across the EU/EEA.
- 379 financial firms provided cross-border services to retail clients.
- About 15.5 million EU/EEA clients received services from firms in other Member States.
- The number of retail clients rose 47% from 2024.
- ESMA will next collect the data in 2027.
Action
The European Securities and Markets Authority completed its annual analysis of the cross-border provision of investment services with national competent authorities.
It said the exercise collected data from investment firms across 30 jurisdictions in the EU/EEA.
ESMA said cross-border investment activity continued to grow significantly in 2025.
Respondents
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.
Cyprus remained the primary location for firms providing cross-border investment services in the EU/EEA, accounting for 20% of passporting firms. Luxembourg had 14% and Germany 12%.
France, Spain, Germany and Italy were the main destinations for retail clients receiving cross-border services in other Member States.
Effective
Compared with 2024, the number of firms increased by 2% and the number of retail clients rose by 47%.
Complaints remained stable, decreasing by 0.2%.
ESMA said the findings will support it 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.