Canada ratifies the Cape Town Convention and Aircraft Protocol
For release - December 27, 2012
OTTAWA — The Honourable Denis Lebel, Minister of Transport, Infrastructure and Communities and Minister of the Economic Development Agency of Canada for the Regions of Quebec, today announced action to strengthen the airline industry through the Cape Town Convention and Aircraft Protocol.
These agreements could help Canadian airlines achieve important savings on aircraft financing.
"The Government of Canada is focused on the economy and working to create a more competitive business environment in Canada," said Minister Lebel. "The Convention and Protocol help to strengthen the airline and aerospace industries through an international legal framework for the financing of their aircraft equipment."
The Jobs and Growth Act, 2012, which was passed by Parliament earlier this month, includes amendments to the International Interests in Mobile Equipment (aircraft equipment) Act and other legislation that introduce necessary policy and regulatory changes to support Canada's participation in the Convention and Protocol.
This federal legislation, in conjunction with legislation adopted in Alberta, British Columbia, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Ontario, Quebec and Saskatchewan, implements the Convention and Protocol.
Further to today's announcement, the Convention and Protocol will take effect in Canada on April 1, 2013. They are more formally known as the Convention on International Interests in Mobile Equipment and the Protocol to the Convention on International Interests in Mobile Equipment on Matters specific to Aircraft Equipment.
Participation in the Convention and Protocol was confirmed with the deposit of Canada's instrument of ratification with the International Institute for the Unification of Private Law (Unidroit) in Rome on Friday, December 21, 2012.
For more information on the Convention: http://www.unidroit.org/english/conventions/mobile-equipment/main.htm
For more information on the Protocol: http://www.unidroit.org/english/conventions/mobile-equipment/main.htm#NR2
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December 27, 2012
Backgrounders - The Cape Town Convention and Aircraft Protocol
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