The legal nature of airport slots

Slots are defined by EC Regulation 95/93, as amended by Regulation 793/2004. However, this definition does not address the nature of rights and obligations comprised in a slot. The current EC slot allocation regime has incorporated customary IATA rules into the force of law, establishing a binding legal regime without defining preconditions for the regime. Such conditions pertain to defining the legal nature of slots, determining the nature of rights comprised in the slot, and clarifying the rules on slot exchanges and transfers involving monetary consideration. This paper will start by recalling slot allocation procedures in the EU, as they result from Regulation 95/93 — both in its original drafting and in the present version of Regulation 793/2004. It will provide a brief on the rules created by the industry under the IATA Worldwide Scheduling Guidelines, before discussing the definition of a slot and the legal consequences of this with respect to Regulation 793/2004. The case for ownership of slots will also be discussed, based on the arguments of the basic actors in this issue, namely airports and airlines. After a discussion and critical analysis of the outlined topics, the paper will finish with concluding remarks.