SPECIFIC CRITERIA FOR INTELSAT SEPARATED ENTITIES.

SEC. 623. [47 U.S.C. 763b] SPECIFIC CRITERIA FOR INTELSAT SEPARATED ENTITIES. In securing the privatizations required by section 621, the following additional criteria with respect to any INTELSAT separated entity shall be applied as licensing criteria for purposes of subtitle A: (1) Date for public offering.—Within one year after any decision to create any separated entity, a public offering of the securities of such entity shall be conducted. In the case of a separated entity created before January 1, 1999, such public offering shall be conducted no later than July 1, 2000, except that the Commission may extend this deadline in consideration of market conditions and relevant business factors relating to the timing of an initial public offering, but such extensions shall not permit such offering to be conducted later than July 31, 2001. (2) Interlocking directorates or employees.—None of the officers, directors, or employees of any separated entity shall be individuals who are officers, directors, or employees of INTELSAT. (3) Spectrum assignments.—After the initial transfer which may accompany the creation of a separated entity, the portions of the electromagnetic spectrum assigned as of the date of enactment of this title to INTELSAT shall not be transferred between INTELSAT and any separated entity. (4) Reaffiliation prohibited.—Any merger or ownership or management ties or exclusive arrangements between a privatized INTELSAT or any successor entity and any separated entity shall be prohibited until 11 years after the completion of INTELSAT privatization under this title.