Aircraft Registration (Jersey) Law 2014: The International Interests in Aircraft Equipment (Cape Town Convention) Regulation: Law drafting instructions

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A decision made 5 November 2014:

Decision Reference: MD-E-2014-0110
Decision Summary Title :	Law Drafting Instruction for the creation of the International Interests in Aircraft Equipment (Cape Town Convention) Regulation		Date of Decision Summary:	04 November 2014
Decision Summary Author:	Strategic Policy Manager		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	n/a
Written Report Title :	Extension of the Cape Town Convention on international interests in mobile equipment and Protocol thereto on matters specific to aircraft equipment		Date of Written Report:	04 November 2014
Written Report Author:	Strategic Policy Manager		Written Report : Public or Exempt?	Public
Subject: Formal instructions to the Law Draftsman to commence law drafting substantive secondary legislation - The International Interests in Aircraft Equipment (Cape Town Convention) Regulation in support of the Aircraft Registration (Jersey) Law 2014.
Decision(s): The Minister made a policy decision to ratify the Cape Town Convention. This Ministerial Decision is to formally request the Law Draftsman to draft the requisite Regulation to enable the Cape Town Convention to come into effect in Jersey after ratification.
Reason(s) for Decision: The Cape Town Convention (“Cape Town Treaty”) aims to create a single harmonised international framework for the creation and registration of international interests against large, high-value, global mobile objects. It is intended to provide consistency and certainty as the international interest has to be recognised and enforced across all signatory countries. At this stage the ratification only extends to the Protocol relating to matters specific to Aircraft Equipment (aircraft and aircraft engines). For Jersey, the ratification of the Cape Town Treaty would: Raise the profile of the Jersey Aircraft Registry on the international stage; Give creditors further comfort, if required, when raising or lending finance for the purchase of aircraft or commercial aircraft engines that would be registered on the Jersey Aircraft Registry; and Financing to mortgagors may be loaned at a low interest rate.
Resource Implications: There are no resource implications in the law drafting of the requisite legislation.
Action required: The Law Draftsman to be requested to commence drafting the requisite legislation to enable the creation of the International Interests in Aircraft Equipment (Cape Town Convention) Regulation.
Signature:		Position: Minister for Economic Development
Date Signed:		Date of Decision (If different from Date Signed):