Foreign ownership rules for Canada’s telecommunications industry should be kept in place, but simplified and modernized, according to CRTC chairman, Konrad von Finckenstein, in an address to a Parliamentary committee today.

Von Finckenstein said that foreigners should not be able to own more than 49% of telecom providers such as Telus Corp. and Rogers Communications, but that current rules (which limit foreign ownership to 20% and foreign control to 46.7%) should be relaxed.

“In short, the challenge for you as legislators and for us as regulators is to strike the right balance to achieve liberalized foreign investment while maintaining Canadian control,” Von Finckenstein said.

Canada’s Telecommunications Act is currently being examined by parliament after the Conservative government announced its intentions to change foreign ownership rules in order to create jobs, spur competition, and boost innovation.