The CRTC rejected a Globalive Wireless Management Corp. request for a review of Telus Corp.’s foreign ownership holdings. In June, Globalive asked the CRTC to review whether Telus was in compliance with federal laws that limit foreign ownership of large Canadian telecommunications companies. Under the Telecommunications Act, foreign capital in a Canadian telco with more than 10 per cent of the national market share is limited to 20 per cent of the voting shares in the carrier and 33.3 per cent of the voting shares in the holding company. The Globalive request followed a Telus dispute with U.S. hedge fund Mason Capital Management LLC, which Telus said had purchased a 18.7 per cent of its voting shares in effort to profit off the company’s plan to convert its non-voting shares into common shares. At the time, Telus said Mason’s share acquisitions brought its foreign ownership levels close to 33 per cent. “WIND Mobile failed to demonstrate that TELUS’s board of directors had any reason to question the information it received pursuant to the procedures set out in the Regulations,” the commission said in the decision Wednesday. “Further, the Commission is satisfied that TELUS’s mechanisms for ensuring its compliance are consistent with the provisions and requirements established in the Regulations.” In a release, Wind said it was disappointed with the decision. “We consider this a missed opportunity for the Commission to provide all industry players with much-needed guidance and clarity on these important matters,” Simon Lockie, Wind’s chief regulatory officer, said in a release.