ESMA published its annual analysis of cross-border investment services on 14 October 2026. The report indicates that 379 financial firms provided cross-border services to retail clients in 2025, with approximately 15.5 million clients receiving these services from firms located in other EU Member States.
The analysis is part of the report titled "Report on the 2025 cross-border provision of investment services to retail clients in the EU and EEA," document reference ESMA35-243228190-8325.
The findings apply to investment firms operating across 30 jurisdictions in the EU/EEA. Cyprus accounted for 20% of passporting firms, followed by Luxembourg at 14% and Germany at 12%.
ESMA plans to conduct the next data collection in 2027, which may influence future regulatory approaches and compliance requirements for firms involved in cross-border investment services.