Last September the FAA released FAR Part 91, Subpart K, regulating fractional aircraft programs/operations. Existing fractional programs that plan to continue as fractional, operating under the new FAR Part 91, Subpart K, have until February 17, 2005 to ensure that their operations are in compliance. The FAA projects that at least a full six months will be required to gain approval of Fractional Management Specifications (similar to Part 135 Operations Specifications). If you are a fractional program operator and intend to continue as fractional you should contact the FAA as soon as possible.
As with most deadlines, some people procrastinate until the last minute. Because of the lengthy time necessary to complete the necessary documentation and receive FAA approval, procrastination in this situation is ill advised. If you do not allow sufficient time for obtaining the approval, you will either not be able to operate after February 17, 2005 or you will need to obtain a waiver from the FAA. Based upon the FAA’s reluctance to grant waivers to operators who were unable to obtain their DRVSM certification by that deadline, I wouldn’t bet your continued operation on the chance of obtaining a waiver. Act now and save yourself the stress that comes from waiting until the last minute.