Page 73 - The CFIUS Book

percent or more foreign ownership, the application will likely be subject to a Team Telecom review.95
Team Telecom would also likely review activity such as the assignment or transfer of control of an international 214 authorization, the assignment or transfer of a submarine cable landing license, or a petition seeking authority to exceed foreign ownership limits set forth in FCC regulations for broadcast and common carrier wireless licensees.96
4.2.2. The Team Telecom Review Process
Once a Team Telecom review has commenced, Team Telecom will most likely conduct a background check of the foreign company, its principals, and its investors. The Team may also examine the technical parameters of the network that is the subject of the proposed transaction.97 As part of that review, Team Telecom will provide the applicant(s) with a set of questions, typically referred to as the “Triage Questions”. The Triage Questions seek, among other things, the following information:
l Personally identifiable information about the five percent or greater owners of the applicant and the officers and directors of the company
l A description of the applicant’s operations and business plans
l Details about the network used to provide services, including suppliers and
contractors providing software and service to the network l How access to the network is authorized
The parties to the application must provide answers to these and any follow-up questions to Team Telecom, typically within a short timeframe often within fourteen days of receipt, without involvement from FCC staff. Given the detailed nature of the
THE CFIUS BOOK
CHARACTERISTICS
CFIUS
Team Telecom
Voluntary
X
Statutorily-Based
X
Well-Defined Review Process
X
National Security Concerns
X
X
Law Enforcement Concerns
X
X
“Greenfield” Investments
X
Investigates Foreign Investment In Domestic Companies
X
X
Limited to Review of FCC Applications
X
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