[Federal Register Volume 66, Number 50 (Wednesday, March 14, 2001)]
[Notices]
[Page 14975]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-6460]


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DEPARTMENT OF STATE

[Public Notice No. 3587]


Proposed Convention Sponsored by Unidroit on International 
Equipment Finance and Draft Protocol on Space Equipment; Meeting Notice

    Action: The Space Finance Study Group of the State Department's 
Advisory Committee on Private International Law will meet in 
Washington, D.C. on Thursday, March 29 from 10:00 a.m. to 4:00 p.m. The 
Study Group will review and comment on a draft protocol on space 
equipment which would amend provisions of a proposed UNIDROIT 
convention on international secured financing for high-value mobile 
equipment, with a particular focus on the space equipment industry and 
implications for the provision of space-based services.
    Agenda: The meeting will cover the status and purposes of the 
proposed (UNIDROIT) Convention on international interests in mobile 
equipment; the application of asset-based financing to space equipment; 
the revised draft protocol on space equipment; the revised draft 
protocol on aircraft; the upcoming meeting on the space protocol and 
the relationship to the outer space treaty system at the Legal 
Subcommittee of the United Nations Committee on the Peaceful Uses of 
Outer Space (UNCOPUOS); and related developments in the space industry.
    The intersection with the Uniform Commercial Code in the United 
States and secured finance laws in other countries will be considered, 
as well as related developments on international secured financing at 
UNCITRAL (the United Nations Commission on International Trade Law) and 
the OAS (Organization of American States).
    The relationship between the proposed Space Equipment Protocol and 
the outer space treaty system will be reviewed, with particular 
attention to provisions on control and liability. In addition, options 
for establishment of an international computer-based registry of 
financial interests as contemplated by the new treaty system, and its 
relationship, if any, to the existing registration of space objects at 
UNCOPUOS, will be examined.
    Background: The United States is a member of UNIDROIT (The 
International Institute for the Unification of Private Law) and has 
been an active participant in negotiations on a proposed multilateral 
convention (UNIDROIT Convention) to provide for the creation and 
enforceability of international secured finance interests in mobile 
equipment, specifically including at this stage aircraft, to be 
followed by space and satellite equipment, and railway rolling stock. A 
Space Working Group (SWG) authorized by UNIDROIT has prepared the 
current draft protocol on provisions specific to space equipment 
financing. Completion of the basic Convention and Aircraft Protocol is 
expected by the fall of 2001. Completion of protocols on space and rail 
equipment is expected to follow. The proposed Convention and equipment 
specific protocols can enhance the development of equipment industries, 
as well as the capacity of many countries to finance such equipment and 
related services, through private sector capital markets.
    Key features of the draft Convention include the creation of 
internationally enforceable financing interests; establishment of an 
international computer-based registry system for notice and priority of 
finance interests; and optional provisions on key issues such as 
certain expedited remedies, insolvency, etc. The convention and space 
protocol would not amend any provisions of the space treaty system, nor 
affect the existing object registry functions of UNCOPUOS.
    Attendance: The meeting will be held at the International Law 
Institute (ILI) in Washington, DC, 1615 New Hampshire Avenue, NW., at 
10:00 a.m. Thursday, March 29. The meeting is open to the public, 
subject to rulings of the Chair. Persons wishing to attend should 
contact Kenneth Hodgkins, Office of Space and Advanced Technology (OES/
SAT), 202-663-2398, fax 663-2404, email [email protected], or Hal 
Burman, Office of Legal Adviser (L/PIL), at 202-776-8421, fax 776-8482, 
email [email protected].
    Documents: A revised draft space protocol, prepared by the UNIDROIT 
Space Working Group, a joint report by the Secretariats of UNCOPUOS and 
UNIDROIT, and the basic convention draft are available in UNCOPUOS Doc. 
AC.105/C.2/L.225, dated Jan.22, 2001. The basic convention and 
documents related to aircraft finance are available at 
www.UNIDROIT.org. Commentators can also obtain copies from the Office 
of Legal Adviser by contacting Rosie Gonzales at 202-776-8420, fax 776-
8482, or by email at [email protected]. Persons unable to attend the 
meeting can provide comments at any of the above contact points.

Harold S. Burman,
Executive Director, Secretary of State's Advisory Committee on Private 
International Law, United States Department of State.
[FR Doc. 01-6460 Filed 3-12-01; 2:45 pm]
BILLING CODE 4710-08-P