Article 44b. 1. Where previously imposed regulatory obligations with regard to telecommunications access, referred to in Article 34, Article 36-40 and Article 42, have failed to achieve effective competition in the wholesale market or in wholesale markets and there are important and persisting competition problems or market failures identified in this market or markets, the President of UKE may, following an analysis referred to in Article 21 (1), with respect to a wholesale market or wholesale markets in question, impose an obligation of functional separation on a vertically integrated telecommunications undertaking which consists in placing activities related to the provision of wholesale telecommunications access services in a separate independently operating organisational entity, hereinafter referred to as "a separate business entity" or in several separate business entities. 2. A separate business entity shall supply telecommunications access to other telecommunications undertakings, including to the telecommunications undertaking referred to in paragraph 1, and to other business entities within the parent company, on the same timescales, terms and conditions, including those relating to price and service levels, and by means of the same systems and processes. 3. Prior to imposing an obligation for functional separation on a telecommunications undertaking the President of UKE shall submit to the European Commission a request for approval of functional separation that includes: 1) results of an analysis referred to in Article 21 (1) with respect to a wholesale market or wholesale markets confirming that previously imposed regulatory obligations with regard to telecommunications access have failed to achieve effective competition in a wholesale market or in wholesale markets referred to in paragraph 1 and there are important and persisting competition problems or market failures identified in this market or markets; 2) a reasoned assessment that there is no or little prospect of effective and sustainable infrastructure-based competition in a wholesale market or wholesale markets referred to in paragraph 1 within a reasonable time-frame; 3) an analysis of the expected impact of imposing functional separation on the undertaking referred to in paragraph 1, including on the workforce of the separated business entity, on the activities of the President of UKE and on the telecommunications market, including impact assessment regarding incentives to invest in the telecommunications sector, as well as information on expected impact on competition in this market and potential consequential effects on consumers; 4) justification for applying functional separation as the most efficient remedy aimed at addressing competition problems or eliminating identified failures in a wholesale market or in wholesale markets; 5) the draft decision on functional separation including the following elements: a) the nature and level of functional separation, specifying in particular the legal status of a separate business entity, taking into account the position of a telecommunications undertaking subject to the obligation of functional separation regarding that status, if such a position has been submitted by that undertaking within the framework of consultation proceedings, b) an identification of the assets of the separate business entity, and the type of products or services to be supplied by that entity; c) the governance arrangements for the separate business entity, including principles for developing appropriate incentives structure in that entity to ensure the independence of the staff employed by the separate business entity from the telecommunications undertaking referred to in paragraph 1, other entities of that telecommunications undertaking, dependent companies, dominating companies or related companies within the meaning of the Act of 15 September 2000 Code of Commercial Companies (Journal of Laws of 2017, item 1577),