Tue, Sep 23, 2003
NBAA Welcomes Release Of FAA Final Rule on Fractional
Ownership
The National Business
Aviation Association welcomes the release of the FAA final rule titled "Regulation of
Fractional Aircraft Ownership Programs and On-Demand Operations"
published in the September 17 Federal Register. This final
rule sets regulatory standards for fractional ownership operations
(Part 91, Subpart K) and updates requirements for on-demand charter
operations (Part 135).
By updating and revising its regulations governing operations of
aircraft in fractional ownership programs, the FAA recognizes the
demonstrated safety record of this important segment of business
aviation. While the rule is not completely what NBAA expected, it
does officially recognize fractional aircraft ownership operations
and should help new companies seeking to operate or provide this
type of service. NBAA is continuing to review the details of the
final rule and soon will release a detailed analysis of its
impact.
"We applaud the FAA's
effort on the creation of Subpart K and we look forward to working
with the Agency on the implementation of the rule," said NBAA
President Shelley A. Longmuir. "Traditional Part 91 flight
departments are unaffected by Subpart K." Longmuir thanked FAA
Administrator Marion Blakey and FAA National Resource Specialist
for Part 135, Kathy Perfetti, for their leadership and for
shepherding this rule to completion.
Longmuir continued, "The updated rules for on-demand charter
companies will significantly benefit their operational
flexibility."
In the coming months, NBAA will offer a new seminar for Part 91
and 135 operators, titled "Operational Control of Business Aircraft
in the New Environment," which will review in detail the recent FAR
revisions as well as related ownership and operator roles and
responsibilities, tax implications and finance options,
international operations and aircraft registration considerations.
This event is scheduled to be held in New York (December), Los
Angeles (January), Dallas (February) and Chicago (June).
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