y approval. 13. There are five principal incumbents: Bell Canada, Aliant, TELUS, MTS, and Sask- tel. However, Sasktel is owned by the province of Saskatchewan. The other four companies had $28 billion in market capitalization (June 30, 2004) and $16 billion in book value of long-term debt. Data from company reports and Investcom (www.investcom.com/cgi- bin/nameindustry/industrysearch.cgi). 14. OECD data (www.investcom.com [October 2003]). 15. Ibid. 16. These directives may be found at http://europa.eu.int/information_society/topics/ telecoms/regulatory/98_regpack/index_en.htm. 17. European Union, Regulation 2887/2000 of the European Parliament and of the Council on Unbundled Access to the Local Loop, December 7, 2000. 18. European Commission, Ninth Report on the Implementation of the Telecommunica- tions Regulatory Package (Brussels, 2003), annex 1, fig. 14. 19. Data from European Competitive Telecommunications Association (ECTA), Score- card (December 2003) (www.ectaportal.com). Notes to Pages 140-147 20. Ibid. 21. Ibid. 22. Ibid. 23. Data from the company's website, www.tele2.com/index.html. 24. Japan Ministry of Public Management, Home Affairs, Posts and Telecommunications, Information and Communications in Japan, White Paper 2002 (Tokyo, 2002), p. 47. The mar- ket share data are for calls, not revenues. 25. These data are from a presentation by Yasuhiko Taniwaki, counselor, Embassy of Japan, at the Center for International and Stategic Studies, Washington, 2004, based on data supplied by the Ministry of Public Management, Home Affairs, Posts and Telecom- munications. See also Matsasugu Tsuji, "Network Competition in the Japanese Broadband Infrastructure: From the Last One Mile to the Last Quarter Mile," and Hidenori Fuke, "Facilities-Based Competition and Broadband Access," papers presented at the Interna- tional Conference on Convergence in Communications Industries, Warwick Business School, University of Warwick, November 4-5, 2002. 26. The incumbent, NTT, is hindered by a regulation that forbids it to offe