This comprehensive memorandum describes the Federal Communications Commission’s (“FCC” or “Commission”) revenue reporting and Universal Service Fund (“USF”) Exemption Certification processes applicable to providers of wholesale telecommunications. In particular, the guide provides invaluable information on the revenue reporting duties arising from a company’s sale of wholesale telecommunications services. In simple language, the guide breaks down the complex Carrier’s Carrier Rule (“CCR”) and the wholesale reporting and compliance process. CCR compliance impacts all carriers in the supply chain, and can be highly complex and burdensome. This guide is an essential tool for all new market entrants, enabling them to manage risk and create opportunities for growth.