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Federal Register Public Inspection — Transportation (FAA, NHTSA, rail, pipeline, maritime)Doubao · 实盘不做把握 9/10不做原因:无增量信息
北京时间·🕒 发布 20:45:00(美东 08:45)·⟳ 抓取 20:45:46回填·⚡ 决策 10-13 20:50:19·13.9 天前

FAA拟修订适航指令,要求莱昂纳多A119/AW119 MKII直升机重复检查并视情更换总距杆扭力管组件,仅涉美国60架、合规成本上限约62.5万美元

这是对2024年既有FAA指令和2026年3月EASA指令的程序性转置(NPRM,非最终规则),无新增事故或新发现的不安全状态;直接经济影响上限约62.5万美元、仅60架机,对Leonardo(LDO.MI)这家数百亿欧元营收的防务/直升机集团不具任何重大性,也无可定位的受损运营商标的,方向与edge均不成立。

📄 原文Federal Register Public Inspection — Transportation (FAA, NHTSA, rail, pipeline, maritime)Federal Register Public Inspection — Transportation (FAA, NHTSA, rail, pipeline,↗ 原文
[Proposed Rule] Airworthiness Directives: Leonardo S.p.A. Helicopters
[4910-13-P] DEPARTMENT OF TRANSPORTATION Federal Aviation Administration 14 CFR Part 39 [Docket No. FAA-2026-11807; Pro…
不做 Leonardo S.p.A.(莱昂纳多)(LDO.IT)
NPRM属程序性监管动作,实质转置EASA 2026-03-04旧指令并取代2024年既有AD;仅涉美国60架机、合规成本上限约62.5万美元且可能保修覆盖,无停飞/事故/罚款,相对公司数百亿欧元体量不具重大性,多空双方均无edge
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)

研究档案

结论摘要

FAA拟议适航指令只是跟进EASA今年3月的旧指令、替换2024年已有AD,影响美国60架轻型直升机、总成本上限约62.5万美元且可能保修覆盖;对莱昂纳多(LDO.MI)盈利与股价无实质影响,不做。

🔎 新鲜度:最早出现 2026-10-13 · 扩散 low · price-in 风险 low ↗

主要风险

  • 若最终规则较NPRM显著扩大适用机队或新增停飞要求(当前文本无此迹象),需重新评估;正式规则发布前以NPRM文本为准
  • OTC ADR(FINMY)流动性极差,即使出现情绪波动也不具备可执行性

反向证据

  • 做空前查反向 · 来源 filing · 日期 2026-10-13 · 影响 invalidates
    反向核查做空理由:无停飞、无新事故、无罚款、无营收冲击;金额上限约62.5万美元且可能保修覆盖,实质为EASA 2026年3月旧指令的程序性转置,不满足强空催化
    检索:文件内成本估算与机队范围(Costs of Compliance章节) 原文 ↗

先例如何影响了这次决策

对本次决策的影响:因重大性为零且为程序性旧闻转置,直接AVOID,先例研究不可能改变结论

方向:未检索先例:此类例行、微量级、NPRM阶段的适航指令对大型飞机制造商股价无可测影响,先例不会改变无edge的结论

涨幅量级:不适用——合规总成本上限约62.5万美元,相对Leonardo营收/市值低于万分之一,无需用先例校准幅度

形态:未检索;程序性转置EASA旧指令不构成预期差

原文全文

展开原文 · 16,905 字
[4910-13-P]
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
14 CFR Part 39
[Docket No. FAA-2026-11807; Project Identifier MCAI-2026-00220-R]
RIN 2120-AA64
Airworthiness Directives; Leonardo S.p.A. Helicopters
AGENCY: Federal Aviation Administration (FAA), DOT.
ACTION: Notice of proposed rulemaking (NPRM).
SUMMARY: The FAA proposes to supersede Airworthiness Directive (AD) 2024-1801, which applies to Leonardo S.p.A. Model A119 and AW119 MKII helicopters. AD
2024-18-01 requires repetitive inspections of certain collective stick torque tube
assemblies for deficiencies and corrective action, as applicable. Since the FAA issued AD
2024-18-01, an improved collective stick torque tube assembly was designed, and
replacement instructions were issued. This proposed AD would require repetitive
inspections of certain collective stick torque tube assemblies and, depending on the
results of the inspection, replacement of affected parts. This proposed AD would also
require modification of the helicopter through replacement of an affected part with a
serviceable part, which would constitute terminating action for the repetitive inspections.
This proposed AD would also prohibit installation of an affected part on any helicopter.
The FAA is proposing this airworthiness directive (AD) to address the unsafe condition
on these products.
DATES: The FAA must receive comments on this proposed AD by [INSERT DATE 45
DAYS AFTER DATE OF PUBLICATION IN THE FEDERAL REGISTER].
ADDRESSES: You may send comments, using the procedures found in 14 CFR 11.43
and 11.45, by any of the following methods:

• Federal eRulemaking Portal: Go to regulations.gov. Follow the instructions for
submitting comments.
• Fax: (202) 493-2251.
• Mail: U.S. Department of Transportation, Docket Operations, M-30, West
Building Ground Floor, Room W12-140, 1200 New Jersey Avenue SE, Washington, DC
20590.
• Hand Delivery: Deliver to Mail address above between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal holidays.
AD Docket: You may examine the AD docket at regulations.gov under Docket No. FAA2026-11807; or in person at Docket Operations between 9 a.m. and 5 p.m., Monday
through Friday, except Federal holidays. The AD docket contains this NPRM, the
mandatory continuing airworthiness information (MCAI) any comments received, and
other information. The street address for Docket Operations is listed above.
Material Incorporated by Reference:
• For European Union Aviation Safety Agency (EASA) material identified in
this NPRM, contact EASA, Konrad-Adenauer-Ufer 3, 50668 Cologne, Germany; phone:
+49 221 8999 000; email: ADs@easa.europa.eu; website: easa.europa.eu. You may find
the EASA material on the EASA website at ad.easa.europa.eu.
• You may view this material at the FAA, Airworthiness Products Section,
Operational Safety Branch, 10101 Hillwood Parkway, Fort Worth, TX 76177. For
information on the availability of this material at the FAA, call (817) 222-5110.
FOR FURTHER INFORMATION CONTACT: Farhan Alamgir, Aviation Safety
Engineer, FAA, 1600 Stewart Avenue, Suite 410, Westbury, NY 11590; phone: (817)

222-5393; email: farhan.alamgir@faa.gov.
SUPPLEMENTARY INFORMATION:
Comments Invited
The FAA invites you to send any written relevant data, views, or arguments about
this proposal. Send your comments using a method listed under ADDRESSES. Include
“Docket No. FAA-2026-11807; Project Identifier MCAI-2026-00220-R” at the beginning
of your comments. The most helpful comments reference a specific portion of the
proposal, explain the reason for any recommended change, and include supporting data.
The FAA will consider all comments received by the closing date and may amend the
proposal because of those comments.
Except for Confidential Business Information (CBI) as described in the following
paragraph, and other information as described in 14 CFR 11.35, the FAA will post all
comments received, without change, to regulations.gov, including any personal
information you provide. The agency will also post a report summarizing each
substantive verbal contact received about this NPRM.
Confidential Business Information
CBI is commercial or financial information that is both customarily and actually
treated as private by its owner. Under the Freedom of Information Act (FOIA) (5 U.S.C.
552), CBI is exempt from public disclosure. If your comments responsive to this NPRM
contain commercial or financial information that is customarily treated as private, that
you actually treat as private, and that is relevant or responsive to this NPRM, it is
important that you clearly designate the submitted comments as CBI. Please mark each
page of your submission containing CBI as “PROPIN.” The FAA will treat such marked
submissions as confidential under the FOIA, and they will not be placed in the public
docket of this NPRM. Submissions containing CBI should be sent to Farhan Alamgir,
Aviation Safety Engineer, FAA, 1600 Stewart Avenue, Suite 410, Westbury, NY 11590.

Any commentary that the FAA receives which is not specifically designated as CBI will
be placed in the public docket for this rulemaking.
Background
The FAA issued AD 2024-18-01, Amendment 39-22835 (89 FR 80993, October
7, 2024), (AD 2024-18-01), for all Leonardo S.p.A. Model A119 and AW119 MKII
helicopters. AD 2024-18-01 was prompted by an MCAI originated by EASA, which is
the Technical Agent for the Member States of the European Union. EASA issued EASA
AD 2023-0035, dated February 10, 2023 (EASA AD 2023-0035) to correct an unsafe
condition identified as reports of abnormal rotations on the collective stick torque tube
assemblies due to erroneous manufacturing.
AD 2024-18-01 requires repetitive inspections of certain collective stick torque
tube assemblies for deficiencies and corrective action, as applicable. The FAA issued AD
2024-18-01 to address abnormal rotations on the collective torque tube assemblies.
Actions Since AD 2024-18-01 was Issued
Since the FAA issued AD 2024-18-01, EASA superseded EASA AD 2023-0035
and issued EASA AD 2026-0045, dated March 4, 2026 (EASA AD 2026-0045) (also
referred to as the MCAI). The MCAI states that since EASA AD 2023-0035 was issued,
an improved collective stick torque tube assembly was designed, and replacement
instructions were issued. The unsafe condition, if not addressed, could lead to reduced
control of the helicopter, which could result in a forced landing, damage to the helicopter,
and injury to occupants.
You may examine the MCAI in the AD docket at regulations.gov under Docket
No. FAA-2026-11807.
Material Incorporated by Reference Under 1 CFR Part 51
The FAA reviewed EASA AD 2026-0045, which specifies procedures for
repetitive inspections of the collective stick torque tube assembly for any relative rotation

and, depending on the inspection results, replacement of the affected parts with
serviceable parts. EASA AD 2026-0045 also specifies procedures for modification of the
helicopter through the replacement of affected parts with serviceable parts within a
specified compliance time. This replacement of an affected part with a serviceable part
constitutes terminating action for the repetitive inspections. EASA AD 2026-0045 also
prohibits the installation of affected parts.
This material is reasonably available because the interested parties have access to
it through their normal course of business or by the means identified in the ADDRESSES
section.
FAA’s Determination
These products have been approved by the civil aviation authority (CAA) of
another country and are approved for operation in the United States. Pursuant to the
FAA’s bilateral agreement with this State of Design Authority, that authority has notified
the FAA of the unsafe condition described in the MCAI referenced above. The FAA is
issuing this NPRM after determining that the unsafe condition described previously is
likely to exist or develop on other products of the same type design.
Proposed AD Requirements in this NPRM
This proposed AD would require accomplishing the actions specified in EASA
AD 2026-0045, described previously, as incorporated by reference, except for any
differences identified as exceptions in the regulatory text of this proposed AD.
Explanation of Required Compliance Information
In the FAA’s ongoing efforts to improve the efficiency of the AD process, the
FAA developed a process to use some CAA ADs as the primary source of information
for compliance with requirements for corresponding FAA ADs. The FAA has been
coordinating this process with manufacturers and CAAs. As a result, the FAA proposes
to incorporate EASA AD 2026-0045 by reference in the FAA final rule. This proposed

AD would, therefore, require compliance with EASA AD 2026-0045 in its entirety
through that incorporation, except for any differences identified as exceptions in the
regulatory text of this proposed AD. Using common terms that are the same as the
heading of a particular section in EASA AD 2026-0045 does not mean that operators
need comply only with that section. For example, where the AD requirement refers to “all
required actions and compliance times,” compliance with this AD requirement is not
limited to the section titled “Required Action(s) and Compliance Time(s)” in EASA AD
2026-0045. Material required by EASA AD 2026-0045 for compliance will be available
at regulations.gov under Docket No. FAA-2026-11807 after the FAA final rule is
published.
Costs of Compliance
The FAA estimates that this AD, if adopted as proposed, would affect 60
helicopters of U.S. registry.
The FAA estimates the following costs to comply with this proposed AD:
Estimated costs
Action

Labor Cost

Parts Cost
$0

Cost per
product
$85

Cost on U.S.
operators
Up to $5,100

Inspect
collective stick
torque tube
assembly (per
inspection)
Replace
collective stick
torque tube
assembly

1 work-hour x
$85 per hour =
$85
4 work-hours x
$85 per hour =
$340

$10,000

$10,340

Up to $620,400

The FAA has included all known costs in its cost estimate. According to the
manufacturer, however, some of the costs of this proposed AD may be covered under
warranty, thereby reducing the cost impact on affected operators.

Authority for this Rulemaking
Title 49 of the United States Code specifies the FAA’s authority to issue rules on
aviation safety. Subtitle I, section 106, describes the authority of the FAA Administrator.
Subtitle VII, Aviation Programs, describes in more detail the scope of the Agency’s
authority.
The FAA is issuing this rulemaking under the authority described in Subtitle VII,
Part A, Subpart III, Section 44701: General requirements. Under that section, Congress
charges the FAA with promoting safe flight of civil aircraft in air commerce by
prescribing regulations for practices, methods, and procedures the Administrator finds
necessary for safety in air commerce. This regulation is within the scope of that authority
because it addresses an unsafe condition that is likely to exist or develop on products
identified in this rulemaking action.
Regulatory Findings
The FAA determined that this proposed AD would not have federalism
implications under Executive Order 13132. This proposed AD would not have a
substantial direct effect on the States, on the relationship between the national
Government and the States, or on the distribution of power and responsibilities among the
various levels of government.
For the reasons discussed above, I certify that the proposed regulation:
(1) Is not a “significant regulatory action” under Executive Order 12866,
(2) Would not affect intrastate aviation in Alaska, and
(3) Would not have a significant economic impact, positive or negative, on a
substantial number of small entities under the criteria of the Regulatory Flexibility Act.
List of Subjects in 14 CFR Part 39
Air transportation, Aircraft, Aviation safety, Incorporation by reference, Safety.

The Proposed Amendment
Accordingly, under the authority delegated to me by the Administrator, the FAA
proposes to amend 14 CFR part 39 as follows:
PART 39 - AIRWORTHINESS DIRECTIVES
1. The authority citation for part 39 continues to read as follows:
Authority: 49 U.S.C. 106(g), 40113, 44701.
§ 39.13 [Amended]
2. The FAA amends § 39.13 by:
a. Removing Airworthiness Directive 2024-18-01, Amendment 39-22835 (89 FR
80993, October 7, 2024); and
b. Adding the following new airworthiness directive:
Leonardo S.p.A.: Docket No. FAA-2026-11807; Project Identifier MCAI-2026-00220R.
(a) Comments Due Date
The FAA must receive comments on this airworthiness directive (AD) by
[INSERT DATE 45 DAYS AFTER DATE OF PUBLICATION IN THE FEDERAL
REGISTER].
(b) Affected ADs
This AD replaces AD 2024-18-01, Amendment 39-22835 (89 FR 80993, October
7, 2024) (AD 2024-18-01).
(c) Applicability
This AD applies to Leonardo S.p.A. Model A119 and AW119 MKII helicopters,
certificated in any category, as identified in European Union Aviation Safety Agency AD
2026-0045, dated March 4, 2026 (EASA AD 2026-0045).
(d) Subject
Joint Aircraft System Component (JASC) Code 6700: Rotorcraft flight control.

(e) Unsafe Condition
This AD was prompted by occurrences of abnormal rotations on the collective
stick torque tube assemblies due to erroneous manufacturing. The unsafe condition, if not
detected and corrected, could lead to reduced control of the helicopter, which could result
in a forced landing, damage to the helicopter, and injury to occupants.
(f) Compliance
Comply with this AD within the compliance times specified, unless already done.
(g) Requirements
Except as specified in paragraphs (h) and (i) of this AD: Comply with all required
actions and compliance times specified in and in accordance with EASA AD 2026-0045.
(h) Exceptions to EASA AD 2026-0045
(1) Where EASA AD 2026-0045 refers to its effective date, this AD requires
using the effective date of this AD.
(2) Where EASA AD 2026-0045 refers to April 14, 2021 [the effective date of
EASA AD 2021-0096], or where EASA AD 2026-0045 refers to February 24, 2023 [the
effective date of EASA AD 2023-0035], this AD requires using the effective date of
November 12, 2024 [the effective date of AD 2024-18-01].
(3) Where EASA AD 2026-0045 requires compliance in terms of flight hours, this
AD requires using hours time-in-service.
(4) This AD does not adopt the “Remarks” section of EASA AD 2026-0045.
(i) No Reporting or Returning of Parts Requirement
Although the material referenced in EASA AD 2026-0045 specifies submitting
certain information or returning parts to the manufacturer, this AD does not include those
requirements.
(j) Alternative Methods of Compliance (AMOCs):
(1) The Manager, International Validation Branch, FAA, has the authority to

approve AMOCs for this AD, if requested using the procedures found in 14 CFR 39.19.
In accordance with 14 CFR 39.19, send your request to your principal inspector or local
Flight Standards District Office, as appropriate. If sending information directly to the
manager of the International Validation Branch, send it to the attention of the person
identified in paragraph (k) of this AD and email to AMOC@faa.gov.
(2) Before using any approved AMOC, notify your appropriate principal
inspector, or lacking a principal inspector, the manager of the local flight standards
district office/certificate holding district office.
(k) Additional Information
For more information about this AD, contact Farhan Alamgir, Aviation Safety
Engineer, FAA, 1600 Stewart Avenue, Suite 410, Westbury, NY 11590; phone: (817)
222-5393; email: farhan.alamgir@faa.gov.
(l) Material Incorporated by Reference
(1) The Director of the Federal Register approved the incorporation by reference
of the material listed in this paragraph under 5 U.S.C. 552(a) and 1 CFR part 51.
(2) You must use this material as applicable to do the actions required by this AD,
unless the AD specifies otherwise.
(i) European Union Aviation Safety Agency (EASA) AD 2026-0045, dated
March 4, 2026.
(ii) [Reserved]
(3) For EASA material identified in this AD, contact EASA, Konrad-AdenauerUfer 3, 50668 Cologne, Germany; phone: +49 221 8999 000; email:
ADs@easa.europa.eu; website: easa.europa.eu. You may find the EASA material on the
EASA website at ad.easa.europa.eu.

(4) You may view this material at FAA, Airworthiness Products Section,
Operational Safety Branch, 10101 Hillwood Parkway, Fort Worth, TX 76177. For
information on the availability of this material at the FAA, call (817) 222-5110.
(5) You may view this material at the National Archives and Records
Administration (NARA). For information on the availability of this material at NARA,
visit www.archives.gov/federal-register/cfr/ibr-locations or email
fr.inspection@nara.gov.
Issued on October 8, 2026.
Steven W. Thompson,
Acting Deputy Director, Compliance & Airworthiness Division,
Aircraft Certification Service.
[FR Doc. 2026-20930 Filed: 10/13/2026 8:45 am; Publication Date: 10/14/2026]

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