The Minister for Communications has issued Direction M01/2021, amending Direction M01/2014, Concerning Fees for Certain Part VI Licences under the powers conferred on him by the Communications Act 2006.
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C06/2015 – Accounting Separation and Cost Accounting Significant Market Power Obligations (Gibtelecom)
In exercise of the powers conferred on it by Section 10 of the Communications Act 2006, the Gibraltar Regulatory Authority, hereby issues this Direction to Gibtelecom Limited.
A03/12 - Direction issued to Gibtelecom on the setting of its weighted average cost of capital (WACC)
The Weighted Average Cost of Capital (WACC) is the overall cost to an organisation of obtaining investment funds, including the cost of both debt sources and equity sources. It is an average representing the expected return on all of a company's securities. Each source of capital is weighted according to its prominence in the company's capital structure.
In March 2012, the Authority contracted Analysys Mason to review Gibtelecom's WACC and benchmark it against rates adopted by other European operators. The WACC was last reviewed in 2005 and, therefore, it was the Authority's view that it should be brought into line with today's market conditions.
A draft report outlining Analysys Mason's findings was sent to Gibtelecom in June 2012 in which the company was invited to provide comments on any section of the report while paying particular attention to the recommendations concerning the various parameters which make up the WACC. Gibtelecom provided its comments which showed a general agreement with the report's conclusions. However, there were some areas in which Gibtelecom disagreed and gave their reasons for doing so.
Taking into account Gibtelecom's comments, the Authority produced a final report in which it determined the parameters which were to be included in the WACC calculation and set the nominal pre-tax WACC at 12.45%.
Number porting obligations were imposed on Gibraltar's providers of a publicly available telephone service by Regulation 26 of the Communications (Universal Service and Users' Rights) Regulations 2006 ("the Regulations"), the background of which was in part Article 30 of the Universal Service Directive (2002/22/EC). Regulation 26 of the Regulations sets out that:
"A person providing a publicly available telephone service, including a mobile service, must ensure that all subscribers to such a service can, if they so request, have access to a number portability facility, by virtue of which they can retain their number independently of the person proving the service-
(a) in the case of geographic numbers, at a specific location; and
(b) in the case of non-geographic numbers, at any location...."
In exercise of the powers conferred on me by section 18 (4) of the Communications Ordinance 2006 and by regulations 31 and 33 of the Communications (Authorisation and Licensing) Regulations 2006 and of all other enabling powers, I hereby issue this Direction pursuant to section 11 of the Communications Ordinance 2006.