Joint Standing Committee on Treaties recommends ratification of Cape Town Convention and Aircraft Protocol
The Joint Standing Committee on Treaties (the ‘Committee’) has recommended the ratification of the Convention on International Interests in Mobile Equipment, done at Cape Town on 16 November 2001 (the ‘Cape Town Convention’) and the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment, done at Cape Town on 16 November 2001 (the ‘Aircraft Protocol’).
The Australian government announced in October 2012 that it would support the implementation of the Cape Town Convention and the Aircraft Protocol (together the ‘Convention’). On 27 May 2013, the Joint Standing Committee on Treaties of the Australian parliament handed down a report recommending that binding treaty action be taken with respect to the Convention.
The Committee noted recent reforms to the Australian securities framework and concluded that the current legislative framework did not ‘provide for the unique financing requirements applicable to aviation, resulting from the mobility and depreciative nature of aircraft’.
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