Air Operators

All holders of Icelandic air operator licences must fulfill requirements for satisfactory financial standing according to Article 5 in regulation (EEC) no. 2407/92 on the granting of air operator licences to air operators which was introduced into Icelandic law by regulation no. 969/2008 on the granting of air operator licences, market access of air operators, fares, and freights in aviation services within the European Economic Area. Holders of Icelandic air operator licences which conduct international flights shall furthermore fulfill requirements according to Articles 5 and 8 in regulation (EC) no. 1008/2008 on common rules for the operation of aviation services within the Community cf. decision no. 2/2010 of the Icelandic Civil Aviation Administration (ICAA) which was issued with notice no. 188/2010.

Air operators shall annually provide the ICAA with the following information regarding continuing assessment of financial standing according to the above-mentioned regulations:
• Financial statement – General submission deadline 30 June
  An audited financial statement shall be submitted no later than six months after the end of the financial year in question. The financial statement shall be composed of an itemised income statement, balance sheet, and cash flow. A financial statement without an audit opinion from a certified public accountant is not considered satisfactory.
• Fiscal and operational plan – General submission deadline 31 March
  An operational plan for the next financial year shall include detailed income and cost items and shall be in a form which is comparable with the financial statement. The plan shall also include a liquidity plan for the coming financial year. The plan shall be itemised by month. Calculation premises shall be specially stated as well as all operational changes which have taken place since the previous year. A financial assessment can not be carried out if these requirements of the ICAA are not followed.

If there is doubt as to whether an air operator fulfills financial requirements, the ICAA reserves the right to get an opinion from an accountant under the auspices of the ICAA at the cost of the air operator cf. Article 10.3 in the tariff for services from the ICAA no. 661/2009 with subsequent amendments.

All financial information concerning air operators is treated as confidential.

A request for an extension of the deadline to provide requested data shall be in writing and shall state the reasoning for the request. The request shall be submitted as soon as possible and no later than on the specified submission date.

This information shall be submitted directly to the Head of the Finance Section of the ICAA.

Inspection of information and issued assessment by the ICAA: The ICAA reserves the right to take 30 workdays to inspect information and carry out a financial assessment. There can be exemptions to the submission deadline if an authorisation is to be renewed more than 30 workdays prior to the general submission deadline.