Mrs. Anna Strezynska, the leading candidate for the post of the head of new telecom market regulator in Poland, has unexpectedly dropped out from the candidate list. Mrs. Strezynska, who has presented detailed and radical plan for introduction of more competition to the telecom market, has been not shortlisted by the media watchdog KRRiT among 9 names of candidates to be presented to the PM, who would make the final selection. Mrs. Strezynska, who has been PM favorite, has been eliminated apparently due to some PiS back-benchers opposition to the PM and large telco operators lobbying. We expect the news, which could signal a radical change to the regulatory climate in Poland, to impact telco stocks trading today. We reiterate our Buy rating for TPSA with PLN 28.8 fair value estimate. We reiterate our Sell rating for Netia with PLN 4.8 fair value estimate.