Compliance date

This regulation established a compliance deadline for existing fractional ownership programs to meet the formal requirements of Subpart K.

If you operated a fractional ownership program before November 17, 2003, you had until February 17, 2005 to obtain management specifications from the FAA. After that deadline, you could no longer conduct fractional ownership flights without those management specifications.

In practical terms, this was a transition rule that gave existing fractional operators about 15 months to come into compliance with the new regulatory framework. The regulation grandfathered programs that were already operating but required them to formalize their operations under FAA oversight within a specific timeframe.

For current operations, this deadline has long passed. Today, any fractional ownership program must have management specifications before beginning operations—there's no grace period for new programs. This regulation is now primarily of historical interest, showing how the FAA phased in Subpart K requirements.

*This is a plain-English summary for study only. The official 14 CFR text on this page is controlling — always read the current regulation and consult a CFI.*