Supervisory Authority
The Luxembourg Protocol creates a new global legal system for the recognition and prioritisation of three types of security interests held by creditors in railway equipment. The Protocol secures: a lessor under a lease; a creditor under a secured loan; and a vendor’s rights under a conditional sale (where title is retained).
These security interests will be registered in a new international registry, located in Luxembourg, which will be searchable by the public 24/7.
The operation of the Luxembourg Protocol (i.e. the establishment and functioning of the International Registry on railway rolling stock) will be supervised by a Supervisory Authority, a new international body to be established under the Protocol once it enters into force.
Lunesterline Andriamahathitry
