Turkey: Rail Working Group And The Future Of International Rail Registry

Last Updated: 27 January 2016
Article by Serap Zuvin and Yigit Turker

Similar to the Aviation Working Group, the Rail Working Group ("RWG") is also a non-profit association focused on the rail industry, which is based in Switzerland. RWG was established in 2008 as per the request of UNIDROIT (International Institute for the Unification of Private Law) to represent the rail industry when adopting and implementing the matters relating to railway rolling stock of the Luxembourg Protocol ("Protocol") to the Cape Town Convention on International Interests in Mobile Equipment ("Convention").

More about the Rail Working Group

RWG had an observer status both at the Cape Town Diplomatic Conference adopting the Convention and the Luxembourg Diplomatic Conference, which adopted the Protocol and it also was involved in the drafting phase of both instruments. Today, the RWG has a growing worldwide membership of key rail stakeholders, including a number of rail and transport associations, and operates in numerous number of countries (Belgium, Denmark, France, Germany, India, Italy, Luxembourg, Malta, Mexico, North American countries, South Africa, South-East Asian countries, Spain, Switzerland and United Kingdom) with the contact groups in order to work closely with governments and industry stakeholders on their country's ratification process. RWG regularly attends and organizes conferences, seminars on rail sector and issues newsletters, articles etc. on the topics regarding the Protocol. It was established commissions, concerning the implementation of the Luxembourg Protocol in the areas of Ratification, Finance, Communications and Marketing, EU/European Organizations, Economic Impact and Intergovernmental Organizations and Registrar, in order to improve their worldwide activities.

RWG's main objective

RWG's objective is to ensure that the Protocol is brought into force in as many countries as possible while ensuring that the operation of the Protocol does not lose touch with the commercial realities of the rail industry. RWG works in cooperation with the companies in the rail industry, governments and government agencies to raise awareness of the proposed Protocol and to promote its adoption in order to encourage the private sector of capital investment in railway rolling stock. RWG states that the private sector finance is the key element to give effect and then expand the rolling stock procurement in the rail industry. Moreover, the RWG underlines the fact that adequate and internationally applicable security systems are essential to encourage more private investment in rail industry. RWG has been supporting the application of the Convention to all railway rolling stock through the adoption of the Protocol and encouraging the rail industry to sign and ratify the Protocol.

What about the International Rail Registry?

The Protocol covers all debtors located in the contracting states, for example in a financial center, regardless of the location of the railway equipment. It ensures the financing of the railway equipment through leases, secured credit agreements and conditional sale contracts. In addition to that, the Protocol creates a new global legal system for the recognition and prioritization of security interests held by creditors in railway equipments. By virtue of the International Rail Registry ("Registry"), such interests will be registered in a new international registry, which is searchable by the public 24/7. This makes it possible, for the first time, for all interested parties to easily learn of a creditor's security interest, and for the creditor to be able to enforce its security in the events of a debtor's default or insolvency.

The first registry system built by the Convention was the International Registry for Aircraft Equipment ("IR"). Since it started operations in 2006, there have been over 595,000 registrations with the IR; covering 110,000 aircraft objects with an estimated value of over a half trillion USD. The Registry is aiming to pursue the success of the IR. Similar to the IR, once the online registration system takes place, Registry is going to operate entirely online to allow financiers and their advisers the ability to register their international interests in mobile equipment and search for such interests. When establishing the Registry, its structure and functions are being created in line with the Convention and according to the needs of the rail industry.

The Registry is Just Around the Corner

Although the fundamental operation of the Registry is similar to the IR, which was designed for aircraft, there is one big difference between them since each locomotive, carriage or wagon is treated as a separate unit when registering the rail rolling stock with the Registrar. By the nature of the rail industry, around six million train units are waiting to be registered, which is a number greater than the aircraft units. Considering the foregoing facts, the infrastructure and the technologic capacity of the Registry have to be adequate to meet the size of the needs of the market. Therefore the Registry is not functional yet. However, a corporation called Regulis SA, a subsidiary of Société Internationale de Télécommunications Aéronautiques ("SITA") (Aviareto, the operator of the International Registry for aircrafts, is also a subsidiary of SITA), was established in Luxembourg in 2014 with the sole purpose of developing and operating the Registry pursuant to the Convention and the Protocol. Hopefully, the Registry will become operational soon and improve the rail sector just like the International Registry did in the aviation industry.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
Serap Zuvin
Yigit Turker
 
Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Related Topics
 
Related Articles
 
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
 
Email Address
Company Name
Password
Confirm Password
Position
Mondaq Topics -- Select your Interests
 Accounting
 Anti-trust
 Commercial
 Compliance
 Consumer
 Criminal
 Employment
 Energy
 Environment
 Family
 Finance
 Government
 Healthcare
 Immigration
 Insolvency
 Insurance
 International
 IP
 Law Performance
 Law Practice
 Litigation
 Media & IT
 Privacy
 Real Estate
 Strategy
 Tax
 Technology
 Transport
 Wealth Mgt
Regions
Africa
Asia
Asia Pacific
Australasia
Canada
Caribbean
Europe
European Union
Latin America
Middle East
U.K.
United States
Worldwide Updates
Registration (you must scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions

Mondaq.com (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of www.mondaq.com

To Use Mondaq.com you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.

Disclaimer

The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.

General

Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions