ESMA cross-border investment services grow across EU/EEA
Cross-border investment activity across the EU/EEA continues to expand in 2025, with more firms serving retail clients from other member states. The latest annual review covers 30 jurisdictions and shows sharp client growth alongside broadly stable complaint levels.
Highlights
- In 2025, 379 financial firms deliver cross-border investment services to 15.5 million EU/EEA retail clients, nearly doubling 2023 levels.
- Firm numbers rose 2% and retail client counts surged 47% versus 2024, while complaints edged down 0.2%, according to ESMA's annual analysis.
- Cyprus hosts 20% of passporting firms, followed by Luxembourg at 14% and Germany at 12%, with France, Spain, Germany, and Italy as key client destinations.
2025 data shows broader retail reach
As reported by ESMA, citing the European Securities and Markets Authority, 379 financial firms provide cross-border investment services to retail clients across the EU/EEA in 2025. Around 15.5 million clients receive investment services from firms based in other member states, nearly double the level recorded in 2023.Compared with 2024, the number of firms rises by 2% and the number of retail clients increases by 47%. Complaints remain broadly unchanged, edging down by 0.2%, according to the annual analysis carried out by ESMA together with national competent authorities.
Cyprus leads firm locations, major EU markets draw clients
Cyprus remains the main base for firms offering cross-border investment services in the EU/EEA, accounting for 20% of passporting firms. Luxembourg follows with 14%, while Germany represents 12% of the total.France, Spain, Germany and Italy remain the main destination markets for retail clients receiving cross-border services from firms in other member states. ESMA says the findings will support its monitoring work with national regulators and help track developments affecting retail investors across the region, with the next data collection scheduled for 2027.
Our earlier coverage of China–EU economic ties focused on Beijing’s push to stabilise trade relations with the bloc amid ongoing friction over autos and market access, following an agreement that could sharply curb Chinese hybrid car exports to the EU. We also noted how China’s stronger trade figures were helping offset weak domestic demand, while the auto deal underscored that tensions can flare even as both sides aim to keep broader commerce on track.
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