The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, in cooperation with National Competent Authorities (NCAs), completed an analysis of the cross-border provision of investment services in 2024.
Data was gathered from investment firms across 30 jurisdictions in the EU/EEA.
The main findings include:
- Around 370 financial firms provided cross-border services to retail clients.
- Approximately 10.5 million clients in the EU/EEA received investment services from firms located in other Member States.
- Compared to 2023:
- The number of firms decreased by 4%.
- The number of retail clients rose by 32%.
- Complaints increased by 46%.
- Cyprus leads as the primary location for firms providing cross-border investment services in the EU/EEA, accounting for 21% of passporting firms, followed by Luxembourg (15%) and Germany (13%).
- Germany, France, Spain, and Italy are the most significant destinations for retail clients receiving cross-border services in other Member States.
These insights will allow ESMA and the NCAs to better understand and monitor cross-border investment services provided by firms in the EU/EEA.
Next steps
ESMA will perform the next data collection in 2026.
