Key points for the effective implementation of the Cape Town Convention: the accession of Spain to the Aircraft Protocol

Abstract

With the deposit of the instrument of accession to the Aircraft Protocol with U nidroit , on 27 November 2015, Spain has finally culminated a prolonged and staggered process of incorporation to the Cape Town system, more than two years after its initial accession to the Convention on International Interests in Mobile Equipment in June 2013. 1 Hence, the Convention regarding aircraft objects entered into force for Spain on 1 March 2016. Spain’s long-awaited accession happens to coincide with the United Kingdom’s ratification (on 27 July 2015), with Denmark’s accession (on 26 October 2015), and, finally, with Sweden’s accession (on 30 December 2015), demonstrating a visible progression in the implementation of the Cape Town system by European countries. Following the completion of this long accession process by Spain, it is expected that there will be numerous economic benefits including the availability of credit and the reduction of costs in asset-based financing in the aviation sector.