Article 8 Validity of an operating licence

An operating licence shall be valid as long as the F1UK air carrier complies with the requirements of this Chapter.

A UK air carrier shall at all times be able on request to demonstrate to the competent licensing authority that it meets all the requirements of this Chapter.

The competent licensing authority shall closely monitor compliance with the requirements of this Chapter. It shall in any case review compliance with these requirements in the following cases:

F3....

The operating licence shall be resubmitted for approval when a F4UK air carrier:

A UK air carrier shall provide to the competent licensing authority its audited accounts no later than six months following the last day of the respective financial year, unless otherwise provided for in national law. During the first two years of operation of a UK air carrier, the data as referred to in point 3 of Annex I shall be made available to the competent licensing authority upon request.

The competent licensing authority may at any time assess the financial performance of a UK air carrier to which it has granted an operating licence by requesting the relevant information. As part of such an assessment, the UK air carrier in question shall update the data referred to in point 3 of Annex I and provide it to the competent licensing authority upon request.

A UK air carrier shall notify the competent licensing authority:

If the competent licensing authority deems the changes notified under paragraph 5 to have a significant bearing on the finances of the UK air carrier, it shall require the submission of a revised business plan incorporating the changes in question and covering, at least, a period of 12 months from its date of implementation as well as the data referred to in point 2 of Annex I, in addition to the information to be provided under paragraph 4.

The competent licensing authority shall take a decision on the revised business plan as to whether the UK air carrier can meet its existing and potential obligations during that period of 12 months. Such a decision shall be taken not later than three months after all the necessary information has been submitted to it.

In relation to F5UK air carriers licensed by it the competent licensing authority shall decide whether the operating licence shall be resubmitted for approval in case of change in one or more elements affecting the legal situation of a F6UK air carrier and, in particular, in the case of a merger or takeover.

Paragraphs 4, 5 and 6 shall not apply to F7UK air carriers exclusively engaged in operations with aircraft of less than 10 tonnes MTOM and/or less than 20 seats. Such UK air carriers shall at all times be able to demonstrate that their net capital is at least F8£87,000 or to provide when required by the competent licensing authority the information relevant for the purposes of the assessment referred to in Article 9(2).

The competent licensing authority may nevertheless apply paragraphs 4, 5 and 6 to UK air carriers licensed by it that operate scheduled air services or whose turnover exceeds F9£2,600,000 per year.