More Liberal Ownership Rights in the European Union Sample Clauses

More Liberal Ownership Rights in the European Union. Given its unique nature as a group of Member States, the EU ownership requirements developed quite differently from those in the United States. The European Commission adopted an initial air transport memorandum in July 1979 that set forth the overall issues facing the European airline industry and outlined new policies, including the liberalization of bilateral restrictions on ownership.137 In March 1984, the Commission adopted a second memorandum on the airline industry in which it rejected the type of deregulation that had recently occurred in the United States on the grounds that the European Community (EC) involved a different type of market.138 The Commission proposed instead that the long-term objective for the EC was the creation of a common air transport market.139 The next set of aviation initiatives, known as the Third Package, was adopted in 1992 and became effective on January 1, 1993. It contained the last step in developing a single European aviation market. The Third Package included Council Regulation 2407/92, which set forth requirements concerning the issuance of operating licenses by Member States to air carriers that were established and operating in the EC. The adoption of Council Regulation 2407/92 entitled Community citizens and organizations to operate air carriers throughout the EC without discrimination on the grounds of nationality if Community citizens owned and controlled the majority of the organization.140 Due to a number of changes to Council Regulation 2407/92 and other regulations relating to airline operations in the European Union, the common rules for the operation of air services were recast during 2008 and a new regulation, Council Regulation 1008/2008, was issued. It remains in force 136 Xxxxx, supra note 110, at 498. 137 Xxxx-Xxx Xxx & Xx-Xxxx Xxxxx, The Influences of Airline Ownership Rules on Aviation Policies and Carriers’ Strategies, 5 PROCEEDINGS E. ASIA SOC’Y FOR TRANSP. STUDIES 557, 562 (2005). 138 Id. 139 Id. 140 Id. at 562–63. today. Currently, an entity must meet the following conditions, among others, in order to obtain an operating license from a Member State: (a) its principal place of business is located in that Member State; (b) it holds a valid AOC [Air Operator’s Certificate] issued by a national authority of the same Member State whose competent licensing authority is responsible for granting, refusing, revoking or suspending the operating license of the Community air carrier; . . .
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