Competition has replaced the long-standing natural monopoly paradigm in the telecommunications industry. The main concern of the regulators is no longer regulating the industry but offering fair competition environment. This thesis aims to examine the effectiveness of Price-Cap regulation in setting efficient access charge rules. First, I survey the existing literature on Price-Cap schemes, especially the experiences of the U.S and U.K. Second, I analyze the current situation and characteristics of the Korean telecommunications industry. Finally, I raise several important issues for an appropriate scheme and propose a price-capped access charge system as an alternative to the current one.