(1) An undertaking which has been designated as having significant market power in one or several relevant markets in accordance with Regulation 49 shall notify the Regulator at least three months before any intended transfer of their local access network assets or substantial part thereof to a separate legal entity under different ownership, or establishment of a separate business entity in order to provide all retail providers, including its own retail divisions, with fully equivalent access products.

(2) An undertaking referred to in paragraph (1) shall also inform the Regulator of any change of intent notified under that paragraph within 6 weeks of the change of intent, as well as the final outcome of the process of separation within 6 weeks of the separation.