text: **Spectrum**
  Radio spectrum is one of the fundamental assets required to carry on 
  the wireless business. Our ability to continue to offer and improve 
  current services and to offer new services depends on, among other 
  factors, continued access to and deployment of adequate spectrum, 
  including both the ability to renew current spectrum licenses and 
  acquire new spectrum licenses. 
  REGULATORY RISKS 
  
  **Changes in Government Regulations**
  Substantially all of our business activities are regulated by Industry 
  Canada and/or the CRTC, and any regulatory changes or decisions 
  could adversely affect our consolidated results of operations. See 
  “Regulation in Our Industry”. 
  
  If we cannot acquire and retain needed spectrum, we may not be able 
  to continue to offer and improve our current services and deploy new 
  services on a timely basis including providing competitive data speeds 
  that customers want. As a result, our ability to attract and retain 
  customers could be materially adversely affected. 
  In addition, an 
  inability to acquire and retain needed spectrum could affect network 
  quality and result in higher capital expenditures, as a consequence of 
  network densification and other related network upgrades. 
  
  Regulatory changes or decisions made by these regulators could 
  adversely impact our results of operations on a consolidated basis. This 
  regulation relates to, among other things, licencing, competition, the 
  cable television programming services that we must distribute, wireless 
  and wireline interconnection agreements, the rates we may charge to 
  provide access to our network by third parties, the resale of our 
  networks and roaming on our networks, our operation and ownership 
  of communications systems and our ability to acquire an interest in 
  In addition, the costs of providing 
  other communications systems. 