San Marino adopts the Cape Town Convention

San Marino has ratified the Cape Town Convention which will give banks and financial institutions greater confidence in financing aircraft under the Registry
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 The agreement will enter into force on January 1, 2015. 
The Cape Town Convention is one of the most important and innovative international conventions ever to have been concluded in the field of transactional commercial law and has already secured nearly 50 ratifications. 
It is intended to give parties involved in financial transactions greater confidence and predictability, principally through the establishment of a uniform set of rules guiding the constitution, protection, prioritization, and enforcement of certain rights in aircraft and aircraft engines. It alters the rules governing aircraft sales, leases and financing on a jurisdiction-by-jurisdiction basis by establishing a new international framework and providing for the creation of an International Registry supervised by the International Civil Aviation Organization (ICAO)
President of the San Marino Registry, David Colindres (pictured right) said: “This ratification is very important as it gives value added and confidence to banks and leasing companies. The Registration of interest in an asset such as an aircraft is considered to be best practice for owners, creditors, debtors, lessors, lessees, agents and others in protecting their financial interest in such an asset”