AWG makes draft transitional forms of GATS documents available for use by the industry. AWG has advanced the use of forms for Utah common law trusts in light of the resignation of Wells Fargo Trust Company, N.A. from many aircraft owning trusts. Using these GATS transitional forms as the basis for new documents for the affected trusts will enable such trusts to efficiently transition on to the GATS electronic platform when the platform is launched.
AWG releases draft instruments to be used in the Global Aircraft Trading System (GATS), an online platform designed to make the buying and selling of aircraft and engines on lease simpler and faster, to reduce the burden on airlines, lessors and financiers, and to produce widespread benefits for the industry. Comments on these exposure drafts are requested by the end of June 2019. In July 2019, the transition period will commence with the publication of finalized transition period standard form GATS instruments. The GATS platform for electronic trading will launch by the end of the first quarter of 2020. See GATS page for further information and documents.
AWG and FEXCO to collaborate on electronic platform for the Global Aircraft Trading System (GATS), developed by AWG. See press release.
AWG to establish a global, electronic aircraft trading system (GATS) to make the buying and selling of aircraft and engines on lease simpler and faster. GATS is designed to reduce the burden on airlines, lessors and financiers and to produce widespread benefits for the industry. See attached summary, including on timing.
AWG to develop Cape Town Convention compliance index (CTC compliance index) for release targeted no later than Q4 of 2019. There will be a public summary version and a more detailed version with explanations for AWG members, governments, and select others. The CTC compliance index will take into account, among other factors, implementation, precedent and analysis thereof, and systems in the country designed to facilitate and maximize compliance with the treaty.
AWG releases short-form model IDERA regulations for consideration by countries that have made a declaration to apply article XII of the aircraft protocol to the Cape Town Convention.
AWG, in association with the South African Civil Aviation Authority (SACAA) and supported by ICAO and UNIDROIT, held an African Regional Event on the Cape Town Convention and its Aircraft Protocol and cross-border transferability of aircraft (XBT) on 19 & 20 June 2018 in Cape Town, South Africa. Event materials, and the press release by SACAA relating to it, can be found here.
AWG releases template lease novation (English law) and assignment and assumption (New York law) documents to facilitate the aircraft trading and transfer process. As noted in a guiding principles document, these templates are designed to (1) have minimal impact on aircraft lessees, (2) not to increase an airline's obligations, and (3) be equally acceptable to buyers and sellers of aircraft subject to existing leases.
AWG releases the revised Form of Cape Town Convention Closing Opinion, as of January 2018
AWG releases document for the Basel committee on the unique features and data supporting low LGDs for aircraft-backed loans.
AWG submits a major study to the Basel Committee providing data supporting the position to retain internal modelling for regulatory capital on aircraft-backed loans.
CTC academic project issues annotation to the Official Commentary (annotation 4) on remedies on insolvency.
Denmark, Sweden and Spain ratify the Cape Town Convention, the first two making the OECD's 'qualifying declarations'.
AWG submits comments on Basel Committee second consultative document (regarding standards / revisions to the standardised approach for credit risk).