This document discusses telecommunications liberalization and issues related to effective regulation. It argues that effective regulation, as measured by indices like the OECD Regulatory Index and ECTA Scorecard, is correlated with higher levels of investment in countries. Countries with the most competitive telecom markets and effective regulation, like the UK, Netherlands, and Japan, have seen more investment in next-generation broadband and fiber networks by incumbent operators responding to competitive pressure. The document outlines characteristics of effective regulation and provides examples of both good and bad regulatory practices. It stresses that access to bottlenecks like local loops is important for competition and that countries should apply regulatory frameworks properly to encourage investment in telecommunications.