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The 2001 Cape Town Convention on International Interests in Mobile Equipment and associated Protocols represent one of the most ambitious and imaginative private commercial law projects ever to have been concluded.
By providing an international legal regimen for security and related interests in aircraft objects, railway rolling stock and space assets, the Convention and Protocol help to reduce legal uncertainty caused by differences in national laws and thereby open up to developing countries access to finance at reasonable cost. The Convention has already secured 55 ratifications and more are in the pipeline.
It was last revised in 2008. Much has changed in the intervening five years. There have now been 57 ratifications of the Convention and 51 of the Protocol. The experience of the aviation industry based on large numbers of transactions registered under the Convention and Protocol has revealed a series of new issues which needed to be addressed. In addition the International Registry for aircraft objects has been progressively updated, and substantially enhanced facilities are now in preparation and w-ill be the subject of new regulations.
This 3rd edition of the Official Commentary provides a detailed analysis of the two instruments. Major developments that have occurred since the ublication of the original Official Commentary include the entry into force of the Convention and Aircraft Protocol, nearly 400,000 registrations in the International Registry and the experience of practitioners handling thousands of transactions relating to the two instruments.
With 63 illustrative examples and 14 Appendices, the 3rd edition of the Official Commentary is both an indispensable guide to all aspects of the Convention and Protocol and a compendious work of reference.