The fourth edition of Trends in Telecommunication Reform is dedicated to the theme of effective and independent regulation. Since the beginning of the 1990s, the number of regulatory institutions has increased from 13 to more than 110, with many of them having been created in the past five years. But merely creating a regulatory body without empowering it to be effective is not enough. The report looks at the need for regulators; the process of creating a regulator; definitions of independence; why effectiveness may be more important than independence; powers and functions of the regulator; transparency in the decision-making process; organizational structure and finance issues. It is structured into nine chapters.