On 10 July 2026, the European Securities and Markets Authority (ESMA) published a report containing market capitalisation figures under the FASTER directive, which aims to streamline withholding tax relief procedures across the EU. The report, designated ESMA12-2121844265-6026, includes raw data in an annex and is intended to support the implementation of the directive by providing standardised metrics for determining the scope of certain obligations.
The FASTER directive, formally adopted in 2025, introduces a common system for faster and safer relief from withholding taxes on dividend and interest payments, targeting cross-border investors. ESMA's figures establish thresholds for market capitalisation that determine which financial intermediaries and investment firms are subject to the directive's reporting and due diligence requirements. The data covers EU regulated markets and is updated periodically to reflect market developments.
The publication provides a single reference point for national tax authorities and market participants to assess whether their operations fall within the directive's scope. By standardising the market capitalisation benchmarks, ESMA aims to reduce fragmentation in how EU member states apply the FASTER rules, lowering compliance costs for cross-border investors and intermediaries. The report does not introduce new policy but operationalises existing legal provisions.
Stakeholders most directly affected include EU financial intermediaries and investment firms, which must adjust their compliance systems to the published thresholds. National tax authorities gain a harmonised metric for enforcement, reducing disputes over scope. EU investors benefit from faster withholding tax relief, while smaller firms with market capitalisation below the thresholds face reduced administrative burdens. The raw data annex allows for independent verification and future adjustments as market conditions evolve.