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Subtitle B—Federal Communications Com
mission Licensing Criteria: Privatization Criteria
SEC. 621. [47 U.S.C. 763) GENERAL CRITERIA TO ENSURE A PRO-COM.
PETITIVE PRIVATIZATION OF INTELSAT AND INMARSAT. The President and the Commission shall secure a pro-competitive privatization of INTELSAT and Inmarsat that meets the criteria set forth in this section and sections 622 through 624. In securing such privatizations, the following criteria shall be applied as licensing criteria for purposes of subtitle A:
(1) DATES FOR PRIVATIZATION.—Privatization shall be obtained in accordance with the criteria of this title of
(A) INTELSAT as soon as practicable, but no later than April 1, 2001; and
(B) Inmarsat as soon as practicable, but no later than July 1, 2000.
(2) INDEPENDENCE.—The privatized successor entities and separated entities of INTELSAT and Inmarsat shall operate as independent commercial entities, and have a pro-competitive ownership structure. The successor entities and separated entities of INTELSAT and Inmarsat shall conduct an initial public offering in accordance with paragraph (5) to achieve such independence. Such offering shall substantially dilute the aggregate ownership of such entities by such signatories or former signatories. In determining whether a public offering attains such substantial dilution, the Commission shall take into account the purposes and intent, privatization criteria, and other provisions of this title, as well as market conditions. No intergovernmental organization, including INTELSAT or Inmarsat, shall have
(A) an ownership interest in INTELSAT or the successor or separated entities of INTELSAT; or
(B) more than minimal ownership interest in Inmarsat or the successor or separated entities of Inmarsat.
(3) TERMINATION OF PRIVILEGES AND IMMUNITIES.—The preferential treatment of INTELSAT and Inmarsat shall not be extended to any successor entity or separated entity of INTELSAT
Inmarsat. Such preferential treatment includes
(A) privileged or immune treatment by national governments;
(B) privileges or immunities or other competitive advantages of the type accorded INTELSAT and Inmarsat and their signatories through the terms and operation of the INTELSAT Agreement and the associated Headquarters Agreement and the Inmarsat Convention; and
(C) preferential access to orbital locations. Access to new, or renewal of access to, orbital locations shall be subject to the legal or regulatory processes of a national government that applies due diligence requirements intended to prevent the warehousing of orbital locations.
(4) PREVENTION OF EXPANSION DURING TRANSITION.-During the transition period prior to privatization under this title, INTELSAT and Inmarsat shall be precluded from expanding into additional services.
(5) CONVERSION TO STOCK CORPORATIONS.—Any successor entity or separated entity created out of INTELSAT or Inmarsat shall be a national corporation or similar accepted commercial structure, subject to the laws of the nation in which incorporated, as follows:
(A) An initial public offering of securities of any successor entity or separated entity
(i) shall be conducted, for the successor entities of INTELSAT, on or about June 30, 2005, except that the Commission may extend this deadline in consideration of market conditions and relevant business factors relating to the timing of an initial public offering, but such extensions shall not permit such offering to be conducted later than December 31, 2005; and
(ii) shall be conducted, for the successor entities of Inmarsat, not later than June 30, 2005, except that the Commission may extend this deadline to not later than December 31, 2004.
(B) The shares of any successor entities and separated entities shall be listed for trading on one or more major stock exchanges with transparent and effective securities regulation.
(C) A majority of the members of the board of directors of any successor entity or separated entity shall not be directors, employees, officers, or managers or otherwise serve as representatives of any signatory or former signatory. No member of the board of directors of any successor or separated entity shall be a director, employee, officer or manager of any intergovernmental organization remaining after the privatization. (D) Any successor entity or separated entity shall
(i) have a board of directors with a fiduciary obligation;
(ii) have no officers or managers who are officers or managers of any signatories or former signatories;
(iii) have no directors, officers, or managers who hold such positions in any intergovernmental organization.
(E) Any transactions or other relationships between or among any successor entity, separated entity, INTELSAT, or Inmarsat shall be conducted on an arm's length basis.
(F) Notwithstanding subparagraphs (A) and (B), a successor entity may be deemed a national corporation and may forgo an initial public offering and public securities listing and still achieve the purposes of this section if
(i) the successor entity certifies to the Commission that
(I) the successor entity has achieved substantial dilution of the aggregate amount of signatory or former signatory financial interest in such entity;
(II) any signatories and former signatories that retain a financial interest in such successor entity do not possess, together or individually, effective control of such successor entity; and
(III) no intergovernmental organization has any ownership interest in a successor entity of INTELSAT or more than a minimal ownership interest in a successor entity of Inmarsat;
(ii) the successor entity provides such financial and other information to the Commission as the Commission may require to verify such certification; and
(iii) the Commission determines, after notice and comment, that the successor entity is in compliance with such certification.
(G) For purposes of subparagraph (F), the term “substantial dilution” means that a majority of the financial interests in the successor entity is no longer held or controlled, directly or indirectly, by signatories or former sig. natories.
(6) REGULATORY TREATMENT.-Any successor entity or separated entity created after the date of enactment of this title shall apply through the appropriate national licensing authorities for international frequency assignments and associated orbital registrations for all satellites.
(7) COMPETITION POLICIES IN DOMICILIARY COUNTRY.—Any successor entity or separated entity shall be subject to the jurisdiction of a nation or nations that,
(A) have effective laws and regulations that secure competition in telecommunications services;
(B) are signatories of the World Trade Organization Basic Telecommunications Services Agreement; and
(C) have a schedule of commitments in such Agreement that includes non-discriminatory market access to
their satellite markets. SEC. 622. (47 U.S.C. 763a) SPECIFIC CRITERIA FOR INTELSAT.
In securing the privatizations required by section 621, the following additional criteria with respect to INTELSAT privatization shall be applied as licensing criteria for purposes of subtitle A:
(1)1 TECHNICAL COORDINATION UNDER INTELSAT AGREEMENTS.—Technical coordination shall not be used to impair competition or competitors, and shall be conducted under International Telecommunication Union procedures and not
under Article XIV(d) of the INTELSAT Agreement. SEC. 623. [47 U.S.C. 763b) SPECIFIC CRITERIA FOR INTELSAT SEPA
RATED ENTITIES. In securing the privatizations required by section 621, the following additional criteria with respect to any INTELSAT separated entity shall be applied as licensing criteria for purposes of subtitle A:
1 So in law. There is no paragraph (2).
(1) DATE FOR PUBLIC OFFERING.–Within one year after any decision to create any separated entity, a public offering of the securities of such entity shall be conducted. In the case of a separated entity created before January 1, 1999, such public offering shall be conducted no later than July 1, 2000, except that the Commission may extend this deadline in consideration of market conditions and relevant business factors relating to the timing of an initial public offering, but such extensions shall not permit such offering to be conducted later than July 31, 2001.
(2) INTERLOCKING DIRECTORATES OR EMPLOYEES.—None of the officers, directors, or employees of any separated entity shall be individuals who are officers, directors, or employees of INTELSAT.
(3) SPECTRUM ASSIGNMENTS.—After the initial transfer which may accompany the creation of a separated entity, the portions of the electromagnetic spectrum assigned as of the date of enactment of this title to INTELSAT shall not be transferred between INTELSAT and any separated entity.
(4) REAFFILIATION PROHIBITED.—Any merger or ownership or management ties or exclusive arrangements between a privatized INTELSAT or any successor entity and any separated entity shall be prohibited until 11 years after the comple
tion of INTELSAT privatization under this title. SEC. 624. (47 U.S.C. 763c) SPACE SEGMENT CAPACITY OF THE GMDSS.
The United States shall preserve the space segment capacity of the GMDSS. This section is not intended to alter the status that the GMDSS would otherwise have under United States laws and regulations of the International Telecommunication Union with respect to spectrum, orbital locations, or other operational parameters, or to be a barrier to competition for the provision of GMDSS services. SEC. 625. (47 U.S.C. 763d) ENCOURAGING MARKET ACCESS AND PRI
(1) DETERMINATION REQUIRED.—Within 180 days after the date of enactment of this section, the Secretary of Commerce shall, through the Assistant Secretary for Communications and Information, transmit to the Commission
(A) a list of Member countries of INTELSAT and Inmarsat that are not Members of the World Trade Organization and that impose barriers to market access for private satellite systems; and
(B) a list of Member countries of INTELSAT and Inmarsat that are not Members of the World Trade Organization and that are not supporting pro-competitive privatization of INTELSAT and Inmarsat.
(2) CONSULTATION.—The Secretary's determinations under paragraph (1) shall be made in consultation with the Federal Communications Commission, the Secretary of State, and the United States Trade Representative, and shall take into account the totality of a country's actions in all relevant fora, including the Assemblies of Parties of INTELSAT and Inmarsat.
(b) IMPOSITION OF COST-BASED SETTLEMENT RATE.Notwithstanding
(1) any higher settlement rate that an overseas carrier charges any United States carrier to originate or terminate international message telephone services; and
(2) any transition period that would otherwise apply, the Commission may by rule prohibit United States carriers from paying an amount in excess of a cost-based settlement rate to overseas carriers in countries listed by the Commission pursuant to subsection (a).
(c) SETTLEMENTS POLICY.—The Commission shall, in exercising its authority to establish settlements rates for United States international common carriers, seek to advance United States policy in favor of cost-based settlements in all relevant fora on international telecommunications policy, including in meetings with parties and signatories of INTELSAT and Inmarsat.
Subtitle C—Deregulation and Other
SEC. 641. (47 U.S.C. 765) ACCESS TO INTELSAT.
(a) ACCESS PERMITTED.—Beginning on the date of enactment of this title, users or providers of telecommunications services shall be permitted to obtain direct access to INTELSAT telecommunications services and space segment capacity through purchases of such capacity or services from INTELSAT. Such direct access shall be at the level commonly referred to by INTELSAT, on the date of enactment of this title, as "Level III".
(b) RULEMAKING.-Within 180 days after the date of enactment of this title, the Commission shall complete a rulemaking, with notice and opportunity for submission of comment by interested persons, to determine if users or providers of telecommunications services have sufficient opportunity to access INTELSAT space seg. ment capacity directly from INTELSAT to meet their service or capacity requirements. If the Commission determines that such opportunity to access does not exist, the Commission shall take appropriate action to facilitate such direct access pursuant to its authority under this Act and the Communications Act of 1934. The Commission shall take such steps as may be necessary to prevent the circumvention of the intent of this section.
(c) CONTRACT PRESERVATION.—Nothing in this section shall be construed to permit the abrogation or modification of any contract. SEC. 642. (47 U.S.C. 765a] SIGNATORY ROLE. (a) LIMITATIONS ON SIGNATORIES.–
(1) NATIONAL SECURITY LIMITATIONS.—The Federal Communications Commission, after a public interest determination, in consultation with the executive branch, may restrict foreign ownership of a United States signatory if the Commission determines that not to do so would constitute a threat to national security.
(2) NO SIGNATORIES REQUIRED.—The United States Government shall not require signatories to represent the United