A new report comparing the regulatory environments for financial services around the world finds that Canada is viewed as one of the best.
The Toronto Financial Services Alliance (TFSA) Monday released the report, Comparative Regulatory Environments, which it commissioned from the UK-based think-tank Z/Yen.
Based on an online survey of industry professionals, the report found that the regulatory environments of Canada and Singapore rank in the top tier.
The second tier includes Switzerland, Hong Kong, the UK, and the U.S, while the European Union (EU) and Dubai make up the third tier.
The report indicates that Canada ranked first for reducing financial crime, consumer protection and predictability, but was rated much lower for its openness to foreign firms and the cost of compliance.
The survey respondents rated Dubai and Hong Kong as the least costly jurisdictions, in terms of compliance.
The UK and Singapore ranked best in terms of openness to foreign business, whereas Canada was rated well below the leaders in this area.
“The report reaffirms the attractive regulatory environment Canada currently has for financial services and how important it is for government regulatory policy to maintain this advantage,” said Janet Ecker, president & CEO of the TFSA.