The data sets were collected from investment firms across 30 jurisdictions in the EU/EEA. 

The main findings include:

• A total of around 386 firms provided services to retail clients on a cross-border basis in 2023;
• Approximately 8 million clients in the EU/EEA received investment services from firms located in other EU/EEA Member States in 2023;
• Compared to 2022, the cross-border market for investment services grew by 1.6% in terms of firm numbers, and by 5% in terms of retail clients, while the number of complaints increased by 31%;
• Cyprus is the primary location for firms providing cross-border investment services in the EU/EEA, accounting for 20% of the total firms passporting investment services. Luxembourg and Germany follow with 15% and 14% of all firms, respectively; and
• Germany, France, Spain, and Italy are the most significant destinations (in terms of number of retail clients) for investment firms providing cross-border services in other Member States.

The insights gained from the analysis 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 2025.

 

Further information:

Sarah Edwards

Senior Communications Officer
press@esma.europa.eu