The European Securities and Markets Authority, working with national competent authorities, completed a 2024 analysis of cross-border provision of investment services across the EU and European Economic Area, based on data from investment firms in 30 jurisdictions. The review identified around 370 firms providing cross-border services to retail clients, serving about 10.5 million EU/EEA clients through firms located in other Member States. Compared with 2023, the number of firms fell by 4% while the number of retail clients rose by 32% and complaints increased by 46%. Cyprus was the main location for firms providing cross-border investment services (21% of passporting firms), followed by Luxembourg (15%) and Germany (13%). Germany, France, Spain, and Italy were the most significant destinations for retail clients receiving cross-border services. ESMA plans the next data collection in 2026.
European Securities and Markets Authority 2025-12-22
European Securities and Markets Authority completes 2024 review of cross-border investment services showing 10.5 million retail clients and rising complaints
The European Securities and Markets Authority, with national authorities, completed a 2024 analysis of cross-border investment services in the EU and EEA. The review found 370 firms serving 10.5 million retail clients, with a 4% decrease in firms and a 32% increase in clients compared to 2023. Cyprus, Luxembourg, and Germany were key locations for these firms, while Germany, France, Spain, and Italy were major destinations for retail clients.