Legal Interpretations
Thompson-Quantum Airways-2 2015
Summary
The Question
Does 14 CFR 119.5(k) prohibit Quantum Airways, a planned 14 CFR part 135 scheduled carrier, from advertising before certification as a potential crowdfunding opportunity?
Background
After an August 11, 2015 FAA interpretation, Quantum Airways said its request should have been limited to crowdfunding rather than equity investing, and that the interpretation's term "investment" could be misread as referring only to equity investing.
The FAA’s Interpretation
No. The FAA confirmed that, consistent with the analysis in its August 11, 2015 interpretation to Quantum Airways, 14 CFR 119.5(k) would not prohibit pre-certification advertising of Quantum Airways as a potential crowdfunding opportunity.
- Requester
- Thompson
- Organization
- Quantum Airways
- Issued
- October 23, 2015
- Subject
- Air Carrier & Commercial Operations
Regulations Cited
Page 1
0U.S. Department
of Transportation
Federal Aviation
Administration
OCT 23 W15
Mr. Tony Thompson
President, Quantum Airways
344 Hauser Boulevard
Unit 5-305
Los Angeles, CA 90036
Office of the Chief Counsel 800 Independence Ave., S.W.
Washington, D.C. 20591
Re: Request for Legal Interpretation of J4 C.F.R. Part 119, Cert[fication: Air Can·;ers and
Commercial Opemtors
Dear Mr. Thompson:
On August 11, 2015, the Federal Aviation Administration (FAA) issued an interpretation to you that responded to your March 29, 2015 letter. In your letter, you asked wbether 14 C.F.R. §119.5(k), Certifications, authorizaNons, and prohibitions, would prohibit Quantum Airways, which plans in the future to become a part 135 certificated air carrier offering scheduled service, to advertise for purposes of raising pre-certification capital from equity investors and crowd funders. · ! In subsequent communications with this office, you have advised that in retrospect, yow- request should have been limited lo crowdfunding as a source of pre-certification capital and not included equity investing. You advise that the August 11, 2015 interpretation's use of the term "investment" could be misunderstood to refer solely to equity investing and not also lo crowdfunding donations. This letter is to confirm that§ 119.S(k) would not proh ibit the pre-certification advertising of Quantum Airways as a potential crowdfunding opportunity consistent with the analysis in our August 11 , 2015 interpretation.
Sincerely,
Lorelei Peter
Acting Assistant Chief Counsel
for Regulations, AGC-200
Enclosure: Interpretation from Lorelei Peter, Deputy Assistant Chief Counsel for Regulations, FAA, lo Tony Thompson, President, Quantum Airways (August l I, 2015).
Regulations Referenced
Snapshot retrieved August 6, 2026.