Canada supports one of the most expensive securities regulatory regimes for the size of its market, according to the latest annual report from the U.K.’s Financial Services Authority.

The FSA’s annual report includes comparative estimates of the costs of regulatory regimes around the world.

The FSA estimates the total costs of Canada’s regulatory regime at £84.4 million ($189 million), employing 1,655 people. This, to cover a market with £452.6 billion ($1 trillion) in banking assets, an equity market cap of £389.5 billion ($872.5 billion) and insurance premiums of £30.1 billion ($67.4 billion).

By comparison, France’s capital market is more than twice the size of Canada’s, and banking assets and insurance premiums are about triple. Yet it spends £77.1 million ($172.7 million) on regulation, employing 888 people.

Germany’s equity market is a bit bigger than Canada’s, yet it has more than triple the value of insurance and six times the number of banking assets. Yet it spends just £35 million ($78.4 million) on regulation, employing 900 people.

The U.K.’s regulatory costs are about triple for an equity market that is almost triple the size of Canada’s, and insurance business that is five times as large, and a banking business that is more than six times as big.

The one jurisdiction that Canada does fare well against is Australia, which spends £95.4 million ($213.6) on regulation, employing 1,788 people for a market that is smaller than Canada’s on all three measures (banking, insurance and market cap).

The report notes that Canada’s dual level of jurisdiction and “the numerous regulatory entities at both levels”, makes it impossible to “present the full costs of regulation”.

It also notes that it has the estimated the budget of the recently created Financial Consumer Agency of Canada.