LAST COMMENTS ON THE TEXT OF THE DRAFT PROTOCOL TO THE CONVENTION ON INTERNATIONAL INTERESTS IN MOBILE EQUIPMENT ON MATTERS SPECIFIC TO SPACE ASSETS

摘要

The Convention on International Interests in Mobile Equipment on Matters Specific to Space Assets entered into force in 2004; subsequently, the Final Act of the "Draft Protocol to the Convention on International Interests in Mobile Equipment on Matters specific to Space Assets", which is complementary to the Convention, was drafted at the UNIDROIT Conference that was held in Berlin in 2012. The Convention aims to facilitate the financing of the acquisition and use of mobile equipment of high value or particular economic significance, establishing a uniform regulatory framework governing asset-based financing and leasing, as well as related transactions. To ensure clarity and a uniform interpretation of the rules, the States Parties to the Convention felt the need to provide, in the initial part of the Convention, a list of the terms used therein. This paper will analyze the clear rules set out in the Convention with regard to international interests, the sale and acquisition of space assets, the effects of insolvency and default-related remedies. The Space Protocol aims to achieve the same targets as the Convention, by making a pioneering effort – considering the subject matter at hand – to extend its benefits to space assets. The overview of the rules on international interests in mobile equipment provided in this paper wishes to also take into account the need, felt by the States Parties to the Space Protocol, to adapt the Convention to space assets, as well as analyze the specific definitions provided therein, including that of "space asset", the rules limiting the scope of the Protocol based on clauses made available to Contracting States, the limitations on remedies for purposes related to public service provision, as well as the rules setting out that the parties may agree on the law which is to govern their contractual rights and obligations and on the competent courts. The Convention and, specifically, the Space Protocol, establish a supervisory mechanism based on two entities, the Supervisory Authority and the Registrar. The establishment of an International Registry in which the relevant transactions are registered makes such mechanism more transparent and reliable. After the entry into force of the Convention in 2004, we are now heading towards the ratification of the Final Act of the Space Protocol, and the fact that UNIDROIT was designated Depositary and ITU the Supervisory Authority is a good starting point and a step in the right direction.