FAR Review
As Captcal is familiar with US Federal Air Regulations 91, 121 and 135, then he no doubt knows that FAR 135 has been effectively eliminated and that flying commercial charters under FAR 91 is strictly prohibited.
If Captcal is operating the B737 under FAR Part 91 for Prestige Jet on the Larnaca trips and Prestige Jet is marketing and selling charters on the aircraft, as it was doing openly and aggressively at the Dubai Air Show, Captcal is operating the aircraft in contravention to the FARs. In order to be held out as a commercial aircraft available for charter by the public and to be actually hired out for remuneration, the aircraft must be operated under FAR Part 121, which requires it to be on an AOC and Ops Specs of a carrier qualified to operate an N-registered aircraft in commercial service.
Same is true under GCAA regulations if it were an A6-registered aircraft: the aircraft has to be operating under some AOC and Ops Specs.As an N-registered aircraft operating under US FAR Part 91, it is not.
Oops.