Recently, we reported that the U.S. Federal Aviation Administration (FAA) was imposing a moratorium on reviewing and approving ownership trusts in certain circumstances ("non-citizen trusts"). This ignited a strong response from the legal community (including Wiley Rein), trade associations and the aircraft finance industry. The threat of a moratorium and the uncertainty of the FAA's position was a hindrance to routine aircraft financing structures and had frozen multiple transactions.
Following urgent letters and industry meetings in Washington, DC and Oklahoma City, the FAA issued a......
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