Canada and Singapore are currently the best regulatory jurisdictions for financial services across the globe, according to a report released by the Toronto Financial Services Alliance and UK think tank Z/Yen.
The report analyzed and ranked the regulatory environments of:
- the European Union (EU);
- Hong Kong;
- the United Kingdom (UK); and
- the U.S.
Each was then placed in one of three tiers based on how effectively crime is prevented and how easy it is to do business in the country or region, among other measures.
Based on survey results, Canada and Singapore were placed in tier one, while Switzerland, Hong Kong, the U.S. and U.K. fell under tier two. The EU and Dubai landed in tier three.
On the downside, Canada was rated poorly when it comes to the cost of compliance and the barriers currently in place for foreign businesses. In particular, most survey respondents say future regulations could become more onerous and costly.