A foreign ownership order adopted by the FCC...
A foreign ownership order adopted by the FCC Thursday streamlined several policies and procedures for reviewing foreign ownership of U.S. companies with common carrier wireless licenses, and some aeronautical radio licenses, under Section 310 of the Communications Act. Officials said…
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the order will “harmonize” international treatment of foreign investments from WTO and non-WTO countries; no longer require petitioning licensees to identify and request foreign approval for each foreign investor; and require approval only where an investor’s interest exceeds 5 percent (10 percent in “certain situations,” a spokesman said). It also will let licensees’ subsidiaries and affiliates rely on the licensee’s foreign ownership ruling rather than having to file a new petition for declaratory ruling. The commission said its reforms could reduce the number of 310(b) annual filings by up to 70 percent. FCC Chairman Julius Genachowski said the order would “unleash more foreign investment, an important source of financing for U.S. telecommunications companies,” and foster “technical innovation, economic growth, and job creation."