A system and method for bandwidth management for a Host Network Operator (HNO) is disclosed. The method including: providing shared beams shared by two or more of a plurality of Virtual Network Operators (VNOs), wherein each VNO has a subscription including a global bandwidth limit applicable for a flow control epoch for each VNO and a terminal subscription for each terminal associated with the respective VNO; aggregating, in the current flow control epoch, a demand and the terminal subscriptions of active terminals per shared beam per VNO; distributing, for each shared beam per VNO, the aggregated demand and active terminal subscriptions into a distribution bandwidth per shared beam per VNO, wherein the distribution bandwidth is based on the respective global bandwidth limit of the respective VNO; and proportionally balancing, for each shared beam, an oversubscription of the distribution bandwidths per shared beam per VNO based on the proportionalities of the global bandwidth limit of each VNO subscribing to the shared beam, to provide a proportional distribution bandwidth per shared beam per VNO.