Welcome to the August 2019 edition of Legalflyer.
Following the publication of EU and UK legislation addressing a “no deal” Brexit, this article examines what a “no deal” Brexit would mean for the aviation industry. It covers the areas of flying rights, ownership and control, certification, qualifications including pilot and engineer licences and wet leasing.
The EU directive on security of network and information systems (NIS Directive) is in part aimed at improving cybersecurity in a number of key sectors including aviation. Recent incidents have heightened aviation's focus on cybersecurity and the article covers obligations under the NIS Directive as well as the penalties for non-compliance. It also highlights significant divergence in approach to its implementation across EU member states and compares the current state of US aviation cybersecurity regulation.
No oral modification or variation clauses (NOM clauses) are common in most aviation contracts, from purchase agreements to leases. The Supreme Court in England recently reversed our understanding of the effectiveness of these clauses and this article considers the impact of the judgment and also analyses the position under New York law.
This article summarises the output of the firm’s New York Aviation Summit and covers the recently unveiled, multi-billion dollar airport regeneration projects being undertaken by The Port Authority of New York and New Jersey, the future prospects for asset-backed securitisations and other funding options for lessors and airlines including Aviation Capital Group's Aircraft Financing Solutions initiative.
EU Taxonomy Regulation and aviation: A transition to sustainability
On 5 April 2023 the long-awaited draft amendment to Delegated Act EU 2021/2139 including draft technical screening criteria in Annex 1 (the Draft Delegated Act) was published by the European Commission heralding the inclusion of aviation as a transitional activity within the EU Taxonomy Regulation. Following consultation, the draft was then updated on 13 June 2023 and published as part of the European Commission’s sustainable finance framework.
Financial Reporting Council call for evidence regarding UK’s endorsement of the recently issued Sustainability Standards
The Financial Reporting Council (FRC) has issued a call for evidence (the Call for Evidence) to collect views regarding the proposed endorsement by the UK government in respect of the first two IFRS Sustainability Disclosure Standards issued by the International Sustainability Standards Board (ISSB) in June 2023.