(1) A transitioning carrier is no longer required to do the following in the deregulated exchange:

(a) Fulfill the obligations of a carrier of last resort;

(b) Comply with standards or reporting requirements related to quality of retail service; or

(c) Comply with a pricing requirement for retail service unless the requirement is a condition of receiving grant funds administered by the commission.

(2) A transitioning carrier is not eligible to receive funds from the Nebraska Telecommunications Universal Service Fund for deregulated exchanges and the commission shall, to the extent feasible in the funding formula, reduce a transitioning carrier's allocation of funds from the Nebraska Telecommunications Universal Service Fund to account for deregulated exchanges.