[Federal Register Volume 66, Number 38 (Monday, February 26, 2001)]
[Notices]
[Pages 11626-11627]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-4665]


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DEPARTMENT OF STATE

[Public Notice No. 3544]


Proposed Protocol on Rail Equipment to the Draft Convention 
Sponsored by UNIDROIT on International Mobile Equipment Finance; 
Meeting Notice

ACTION: International rail finance--the International Finance Study 
Group of the State Department's Advisory Committee on Private 
International Law will meet to review a proposed protocol on rail 
equipment to the draft UNIDROIT convention on equipment finance, and 
its effect on cross-border financing and trade involving the railway 
industry. The meeting will be held in Washington, D.C. on Friday, March 
2, 2001.

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AGENDA: The meeting will cover developments relating to cross-border 
financing of rail equipment; the purpose of the proposed UNIDROIT 
Convention on international interests in mobile equipment; recent 
revisions to the proposed rail equipment protocol to that convention; 
and positions that may be adopted for the forthcoming UNIDROIT meeting 
on the rail protocol in March 2001.
    Issues relevant to various organizations will be considered, 
including international transportation policies of DOT, the Surface 
Transportation Board (STB), and the Association of American Railroads 
(AAR).
    Comments will be requested on draft provisions of the proposed 
Railway rolling stock protocol, including the intersection with 
revisions to Uniform Commercial Code Art.9 in the United States, 
relevant provisions of Title 49 of the U.S. Code, commercial finance 
laws of Canada, Mexico and other countries, and related international 
projects on secured financing, including work underway at UNCITRAL (the 
United Nations Commission on International Trade Law) on receivables 
financing and the OAS (Organization of American States) on a model 
Inter-American national law on secured financing.
    Background: The United States is a member state of UNIDROIT, 
headquartered in Rome, Italy, which seeks to unify private law, often 
in the economic and commercial law area. The U.S. has been an active 
participant in negotiations on a multilateral convention (UNIDROIT 
Convention) to provide for enforceability of international secured 
finance interests in mobile equipment, together with a protocol on 
aircraft finance, with provisions for rail equipment and space and 
satellite equipment to be subsequently considered. The basic convention 
and aircraft protocol are expected to be finalized in 2001.
    A Rail Working Group (RWG) authorized by UNIDROIT has undertaken 
work on the current draft protocol on provisions specific to rail 
equipment financing, which will be considered at an international 
meeting in March 2001 sponsored by UNIDROIT and the Intergovernmental 
Organization for International Carriage by Rail (OTIF).
    The proposed Convention and rail equipment protocol is intended to 
benefit rail industry exports and increase the capacity of many 
countries to finance such equipment through private sector capital 
markets. Key features of the draft Convention as it would be amended by 
the rail protocol are expected to include: rules on secured financing 
priorities recognized by the convention; assignments; recognition of 
existing regional rail registries and possible cross-links between 
them, and provision for new registry systems or for states to utilize 
existing systems in other countries for implementation of the 
convention. Certain key provisions are likely to be optional, such as 
enhanced and expedited remedies upon default and treatment of 
insolvency rights.
    Attendance: The meeting will be held on Friday, March 2, 2001, from 
10:00 a.m. to 4:00 p.m. at the Association of American Railroads (AAR), 
50 ``F'' Street, NW, Washington, D.C. 20001, in the 4th floor 
conference center. The meeting is open to the public, up to the 
capacity of the meeting room and subject to rulings of the chair. 
Persons wishing to attend should contact Peter Bloch, Department of 
Transportation, Office of General Counsel, (202) 366-9183, fax 366-
9188, or Louis P. Warchot at AAR at 202-639-2500, fax 639-2868, not 
later than Thursday, March 1, 2001.
    Documents: The Preliminary Draft Protocol on railway rolling stock, 
UNIDROIT Doc.4, Study LXXIIH, December 2000 (also available as OTIF 
Doc. JGR/2, December 2000) is available prior to the meeting by express 
mail or fax from the Office of Legal Adviser at the above numbers. The 
position of the AAR concerning the rail protocol can be obtained from 
the AAR at the above number. The draft UNIDROIT convention as well as 
the draft aircraft protocol are available at

[[Page 11627]]

www.UNIDROIT.org/ ``International interests in mobile equipment''.

Harold S. Burman,
Executive Director, Secretary of State's Advisory Committee on Private 
International Law, United States Department of State.
[FR Doc. 01-4665 Filed 2-23-01; 8:45 am]
BILLING CODE 4710-08-P