ISTAT Jetrader - Winter 2019 - 37

Key GATS Facts
* Each aircraft will be owned by a trust in a U.S.,
Ireland or Singapore branch.
* The sale of aircraft equipment will be performed by
an e-transfer of the beneficial interest in a trust.
* There is no need for a lease novation, which reduces
time and cost burdens.
* The transfer and related documents will be
standardized and executed and delivered
electronically.
* Any "advanced requirement" to a transfer or
financing may be integrated into a GATS transaction,
which preserves all rights and protects all parties.
* It is a voluntary system open to all industry players.
Source: Aviation Working Group

with thought-leading airlines; we have worked closely with the
FAA; and KPMG gives us day-to-day guidance," Wool says.
For his part, Swan says his company, SMBC Aviation
Capital, is already working with some of their lessees to make
their leases GATS compliant so they are ready to go when
it launches.
To GATS skeptics, Swan asks that they keep an open
mind. "What I would ask from the different stakeholders at
the moment is to engage. Don't knock GATS down without
first trying to understand what it is. Have an open mind. There
might be a better way, maybe a GATS 2.0, but this is a good
starting point. Let's innovate, because this industry needs it."
Wool agrees: "Implementation is linked to and dependent
on understanding. The more one knows about GATS, the more
one likes it."

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"Let's innovate, because this
industry needs it."
He suggests browsing through the Guidance Materials on
the AWG website. "The guidance document is a handbook on
how this system can be fully implemented and understood by
all parties. We'll be updating it on a quarterly basis, as any
kind of a new system goes through practical iterations as it
is developing."
For more information about GATS, including an FAQ
document and the aforementioned Guidance Materials, go to
www.awg.aero/projects/gats.

Contact us today to discuss your
avionics engineering program requirements.

AVIONICS SUPPORT GROUP, INC.
13155 SW 132nd Avenue * Miami, Florida 33186
Ph: +1 305-378-9786 * Fax: +1 305-378-9726

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ISTAT Jetrader - Winter 2019

Table of Contents for the Digital Edition of ISTAT Jetrader - Winter 2019
