The Australian Competition and Consumer Commission has revoked regulations requiring Telstra to report separate accounts for its wholesale and retail operations.
The regulations, known as the Accounting Separation Record Keeping Rules, originally required the telecommunications giant to keep separate accounts for its retail and wholesale divisions, reporting both separately to the ACCC.
The rules were originally implemented in 2003 to make sure that Telstra was not discriminating against its wholesale customers, such as iiNet, TPG and Optus, in favour of its own retail division.
However, the ACCC notes the requirements were superseded by a more comprehensive reporting framework that was as part of Telstra’s Structural Separation Undertaking in February 2012.
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Last week, Communications Minister Malcolm Turnbull revoked a ministerial direction obliging the ACCC to oversee the accounting separation of Telstra, paving the way for today’s announcement.
In a statement, ACCC Chairman Rod Sims notes the industry has changed dramatically over the past decade.
“The telecommunications regulatory landscape has changed a great deal since accounting separation reporting was introduced in 2003.
“The ACCC welcomes the Minister’s decision to remove requirements that the ACCC oversee Telstra’s accounting separation.”