The 14 CFR Part 5 Safety Management Systems that was published by the FAA on January 8, 2015, is an integral part of the aviation regulation that provides a framework for the implementation and maintenance of a Safety Management System (SMS). 

The Part 5 cancelled the SMS Pilot Project and created a new SMS Voluntary Program (SMSVP) using the SMSVP Standard. The SMSVP meets “state” recognition requirements as defined in ICAO Annex 6. Any organization that wants to voluntarily implement an SMS Program must use the SMSVP Standard if they want to implement an SMS accepted by the FAA.