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UK based airlines will be able to remain owned by UK, EU and European Economic Area shareholders rather than by UK nationals alone after Brexit, under the terms of the new air services agreement struck with the US. The text of the new agreement shows that after Brexit UK registered airline will need to be able to demonstrate that “substantial” ownership remains vested in the country or "one or more" states that were party to the EEAA Agreement as of 28 Nov 2018. In additional those shareholders must be resident of "one or more" states that have a "modern liberal" air transport agreement with the US. The two sides also declared that they recognise the benefits that can arise when open markets are accompanied by "high labour standards with respect to international air transportation". <br/>

European regulators are handling bids from hundreds of British aviation firms for permits allowing them to keep doing business with continental airlines in the event of a disorderly exit from the EU. The head of EASA said it was allowing British repair shops and other firms to make advance applications and avoid a stampede for certification in case Britain leaves the EU without a transition deal. The pre-emptive move is the latest evidence of contingency planning for a "no-deal" Brexit in one of several sectors seen as most at risk from an unmanaged separation. "We are preparing for the worst," EASA executive director Patrick Ky said. "There are around 900 British companies providing services to European (aviation) companies and of these there are maybe 600 which...must receive EASA approval," Ky said. <br/>