The Telecommunications Act of 23 Mai 1997 recast the regulatory framework governing the telecommunications sector in the Faroe Islands, by creating an independent government agency, the Telecommunications Authority of the Faroe Islands.
The Act entrusts the Authority with a number of tasks. The most important of these are:
- to promote fair, effective and sustainable competition for the benefit of users. This principle is essential as it means that competition is not an end in itself; but a means of serving consumers' interests.
- to encourage employment, innovation and competitiveness in the telecommunications sector. The competitive environment should stimulate growth in the market.