GATS simulated transaction environment extended until 31 May 2020 and GATS launch moved to 1 June 2020 (COVID 19 related)

The GATS simulated transaction environment has been extended until 31 May 2020, with the GATS launch date being correspondingly moved to 1 June 2020. These actions are taken in view of the disruptions caused by the spread of the COVID 19 virus and the need to ensure that both the system and the user community are fully prepared for the use of GATS

COVID 19 related assessment and action

AWG, in consultation with other affected parties, is assessing a range of actions to assist the air transport sector, including airlines, the aviation leasing and financing industry, and the public, in addressing the economic impacts of the spread of COVID 19

AWG releases inaugural edition of the CTC compliance index

AWG releases inaugural edition of the CTC compliance index as of 29 February 2020

FAA completes review of GATS final documents

On 16 March, 2020, the Office of the Aeronautical Center, Central Region Counsel, Federal Aviation Administration, issued an opinion concluding that the GATS transitional trust documents comply with applicable federal law, are in due form for filing, and will support aircraft registration in the name of a GATS trustee. In line with the efficiency objectives of GATS, that opinion is a ‘global opinion’, which intents to cover any specific GATS transaction (using the electronic, non-amendable GATS documents), coupled with needed certification.

Intertrust Trustee (Ireland) Limited, Intertrust (Singapore) Ltd, UMB Bank, N.A., and Wilmington Savings Fund Society, FSB pre-cleared as GATS trustees

Intertrust Trustee (Ireland) Limited, Intertrust (Singapore) Ltd, UMB Bank, N.A., and Wilmington Savings Fund Society, FSB have been pre-cleared by AWG as trustees for the GATS system. A list of all pre-cleared trust companies can be found here.

GATS business aircraft group formed

GATS business aircraft group has been formed to assist on assessment and analysis of GATS. McAfee & Taft will coordiante that group.

AWG establishes working group on Environmental Social & Governance (ESG) and aviation finance

AWG has established a working group to assess, provide information, and potentially take action on, ESG geared to the context of aviation financing and leasing.The foregoing may include the development of metrics, methods, emissions (and CORSIA-related liability) tracking, reporting and documentation and/or principles geared to the context of aviation financing and leasing.

AWG has retained Clifford Chance and Watson Farley Williams as co-counsel to advise AWG, and support its work, on ESG in the context of aviation financing and leasing. AVOCET and KPMG (aviation and sustainable futures group) have also agreed to provide advice to, and support this work of, AWG.

FAA completes review of GATS transitional documents

On 22 January, 2020, the Office of the Aeronautical Center, Central Region Counsel, Federal Aviation Administration, issued an opinion concluding that the GATS transitional trust documents comply with applicable federal law and will support aircraft registration in the name of a GATS trustee

OECD (ASU Participants) to work with and assess AWG’s CTC compliance index

For an 18-month period, the OECD (ASU Participants) will work with and assess AWG’s CTC compliance index as a source of information in connection with its discretionary consideration of eligibility for the ASU’s CTC discount