FAA agrees to keep register open for 11 a.m. transactions in 2021
The influence of the National Business Aviation Association (NBAA) and the General Aviation Manufacturers Association (GAMA) – among others – is credited with convincing the FAA to keep its Oklahoma City Aircraft Registry personnel on evening duty. New Year’s Eve – albeit with ‘limited staff’ (presumably meaning, be prepared to spend some time ‘on hold’ if you call). Due to the federal New Year holiday falling on December 31 (because January 1, 2022 falls on a Saturday), it was feared that a large number of critical transactions would be stuck in holiday limbo. The International Aircraft Dealers Association and the National Aircraft Finance Association also provided leverage.
NBAA Senior Director of Public Policy and Advocacy Scott O’Brien said: “Aircraft buyers and sellers will need every day of the calendar year to finalize aircraft transactions. planes. Given the value of aircraft, not being able to close even a small number of deals in 2021 has a significant impact on a manufacturer’s bottom line. GAMA pointed to complications due to supply chain issues, saying manufacturers have several dozen planes scheduled for delivery in the last week of December.
“We know the customer’s interest in having a new aircraft with them before the end of the year for tax planning purposes,” said Jens Hennig, GAMA’s vice president of operations. “And we fully appreciate that.”
“If the parties complete a transaction the last week of December, their best bet is to close on December 29 or 30,” said Scott McCreary, an attorney at McAfee and Taft in Oklahoma City. “If they are to close on the 31st, the FAA has given us the option of taking documents related to a transfer of ownership and submitting them to the filing bin in the FAA’s public records room during regular business hours” , he added.
The NBAA noted, however, “The FAA will not actually process documents submitted on December 31, so parties will not be able to obtain wire flight, import/export aircraft, renew registration of an aircraft or to obtain a unique authorization code for any purpose. to make entries in the International Register. These tasks will be completed after the holiday weekend.