If purely hobby use part 107 does not apply and the lights are probably sufficient.
"14 CFR part 107 does not apply to model aircraft that satisfy all of the criteria specified in Public Law 112–95 section 336."
Which reads .......
SEC. 336. SPECIAL RULE FOR MODEL AIRCRAFT.
(a) In General.--Notwithstanding any other provision of law relating to the incorporation of unmanned aircraft systems into Federal Aviation Administration plans and policies, including this subtitle, the Administrator of the Federal Aviation Administration may not promulgate any rule or regulation regarding a model aircraft, or an aircraft being developed as a model aircraft, if--
(1) the aircraft is flown strictly for hobby or recreational use;
(2) the aircraft is operated in accordance with a community-based set of safety guidelines and within the programming of a nationwide community-based organization;
(3) the aircraft is limited to not more than 55 pounds unless otherwise certified through a design, construction, inspection, flight test, and operational safety program administered by a community-based organization;
For commercial use
It is a little different part 107 applies and
Daylight-only operations (official sunrise to official sunset, local time).
Minimum weather visibility of 3 miles from control station.
No operations are allowed in Class A (18,000 feet & above) airspace.
Operations in Class B, C, D and E airspace are allowed with the required ATC permission.
Operations in Class G airspace are allowed without ATC permission
No careless or reckless operations.
At least that is how the proposed provisions in 107 read.