ESMA Publishes Report on Cross-Border Marketing of Funds Including Statistics on Notifications

Why It Matters

The concentration of notifications in Luxembourg and Ireland signals where fund distribution expertise and infrastructure are strongest, guiding regulators and asset managers on market dynamics and potential policy focus areas.

Key Takeaways

• Luxembourg accounts for 59% of fund notifications
• Ireland contributes 30% of cross‑border marketing notifications
• UCITS make up 56% of total notifications
• AIF notifications represent 44% of the volume
• No significant rule changes since 2023 report

Pulse Analysis

ESMA’s third cross‑border fund marketing report underscores the regulator’s ongoing effort to harmonise EU fund distribution rules while shedding light on real‑world market activity. By integrating notification data for the first time, the authority provides a quantitative baseline that complements its qualitative assessment of national rule‑making. The report confirms that the regulatory framework has remained stable since 2023, suggesting that market participants have adapted to existing requirements without major legislative disruption. This stability is crucial for asset managers seeking predictable cross‑border marketing pathways across the single market.

The statistical snapshot reveals a pronounced geographic concentration: Luxembourg and Ireland together generate nearly 90% of all cross‑border fund marketing notifications. Their dominance reflects deep‑rooted fund administration ecosystems, tax efficiencies, and robust legal infrastructures that attract both UCITS and AIF sponsors. UCITS, which account for 56% of notifications, continue to dominate retail‑focused distribution, while AIFs, at 44%, highlight growing interest from institutional investors in alternative strategies. Understanding this split helps managers allocate resources, tailor compliance programs, and anticipate where distribution partnerships will be most effective.

Looking ahead, the report will be forwarded to the European Parliament, the Council, and the European Commission, positioning it as a reference point for any future amendments to the cross‑border distribution regulation. Stakeholders should monitor forthcoming legislative discussions, as any shift in the regulatory landscape could reshape the competitive balance among EU jurisdictions. For asset managers, staying abreast of ESMA’s findings enables proactive alignment with evolving supervisory expectations and supports strategic decisions about market entry, partnership selection, and product positioning across Europe.

ESMA publishes report on cross-border marketing of funds including statistics on notifications

ESMA publishes report on cross-border marketing of funds including statistics on notifications 06 January 2026

Fund Management

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its third report on marketing requirements and marketing communications under the Regulation on cross-border distribution of funds. For the first time, the report includes statistics on notifications of cross-border marketing of funds.

Drawing on input from National Competent Authorities, the report finds that national rules governing the marketing of funds have not undergone any significant changes since the publication of the second report in 2023.

ESMA has used the opportunity of this report to provide stakeholders with statistics on the volume of cross-border fund notifications. In particular, the analysis shows that Luxembourg and Ireland are the leading notifying jurisdictions, accounting for 59% and 30% respectively. UCITS notifications comprise 56% of the total fund notifications, while AIFs account for 44%. This information was retrieved from the ESMA database, which lists all notifications of cross-border marketing of funds.

Next steps

The report will now be submitted to the European Parliament, the Council and the European Commission.

Further information:

Ana Dilaverakis

Communications Officer

[email protected]

06/01/2026

ESMA34-1921782652-2033

Report on Marketing requirements and marketing communications under the regulation on cross-border distribution of funds