apology for such actions, in such form and at such times as the LTA specifies
in the order; and
(e) require the service provider to provide periodic reports to the LTA to assist in
determining whether the actions or activities are continuing and to determine
their impact on telecommunications markets, competitors and customers.
32. Transfers of Control of Service Providers
(1) Subject to this Section, no approvals shall be required for the transfer of control of a
service provider.
(2) No transfer of control of a service provider shall be effected without the prior approval
of the LTA if:
(a) a dominant service provider, or an affiliate of a dominant service provider is:
i) the person ultimately acquiring control of the service provider; or
ii) the person whose control is being transferred; or
(b) as a result of the transfer, a person, alone or with its affiliates, would become
a dominant service provider according to any applicable criteria,
methodology or processes for the designation of dominant service providers
published by the LTA.
(3) No transfer of control that requires approval under Section 32 (2) shall be completed
or have any legal force or effect unless the person applying for approval of the transfer
has received written approval for the transfer from the LTA.
(4) Applications for transfers of control that require approval under Section 32 (2) shall
include detailed information on the proposed transfer transaction. Such information
shall, at a minimum, include:
(a) the identification of all persons involved in the transfer transaction, including
buyers and sellers, their shareholders and affiliated companies, and any other
persons that have a greater than five per cent (5%) ownership interest in all
such persons;
(b) a description of the nature of the transaction and a summary of its
commercial terms;
(c) financial information on the persons involved in the transaction, including
their annual revenues from telecommunications markets, identified by
specific markets, value of assets devoted to telecommunications business and
copies of any recent annual or quarterly financial reports; and