Luxembourg Rail Protocol
The Luxembourg (Rail) Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Railway Rolling Stock entered into force on 8 March 2024.
Environmental and sustainability issues mean that rail transport needs to be developed further. The Luxembourg Protocol responds to this need for development. Its aim is to facilitate private sector financing – more of it and at lower cost – for the acquisition of rolling stock, enabling governments to allocate their resources to infrastructure.
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 rolling stock. 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 are registered in a new International Registry of Interests in Rolling Stock, which is searchable by the public 24/7.
The Registrar and the operation of the International Registry are overseen by the Supervisory Authority, an international organisation having international legal personality as provided by Article 27 § 1 of the Convention on International Interests in Mobile Equipment. The Supervisory Authority is based in Berne, Switzerland, and OTIF acts as the Secretariat of the Supervisory Authority.
For further information on the Luxembourg Protocol, please do not hesitate to contact us at info.supervisoryauthority@otif.org
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