7 May 2009. The negotiations on the Unidroit Draft Protocol to the Cape Town Convention on Matters specific to Space Assets are in a decisive phase. This issue of “ESPI Perspectives” elaborates the need for timeous completion of this major initiative.
For the past decade, the International Institute for the Unification of Private Law (Unidroit) has been working on a uniform international legal regimen for the registration and enforcement of security and equivalent interests in space assets. Its implementation is aimed at encouraging growth in the commercial space sector by means of asset-based financing. The international negotiations are currently in a critical state. This paper describes the status of the proposed legal instrument, the preliminary draft Protocol to the Cape Town Convention and points out what has to be done in order to materialise its potential benefits, which is particularly timely and needed in the current state of the global economy.
Daniel A. Porras
Daniel A.. Porras, is Associate Officer at the International Institute for the Unification of Private Law (UNIDROIT), located in Rome.