Several satellite industry assications repeated its grave concerns over the proposed UNIDROIT Space Assets Protocol. Delegates of UNIDROIT and its member states will convene on February 27 in Berlin, Germany, for the Diplomatic Conference on the Draft Space Assets Protocol to the Convention on International Interests in Mobile Equipment, the European Satellite Operators’ Association, the Satellite Industry Association of Washington, D.C., the Space Industry Association of Australia and the Cable and Satellite Broadcasting Association of Asia today urged delegates and Member States to defer any consideration of the Protocol due to an absence of support from the global satellite industry.
The signatories believe that the draft UNIDROIT Space Assets Protocol, while aiming to facilitate the financing of space assets, would have the exact opposite effect in practice, and would risk creating a new and unnecessary layer of regulation for the financing of satellites, with serious negative consequences. p>
Patricia Cooper, President of SIA: “The satellite industry has been one of the world’s most successful and strategic sectors to voice its concerns regarding the draft UNIDROIT Space Assets Protocol. We urge UNIDROIT and its member states to avoid measures that would threaten that success, which are virtually unanimously opposed by the world’s satellite industry.”
Aarti Holla, Secretary General of ESOA: “Satellite finance is a booming business, with operators of all sizes and from diverse countries raising funds to launch new satellites the world over. The Protocol is inconsistent with financial market practices and unnecessary.”
Brett Biddington, Chairman of the SIAA: “There is no problem for this draft Protocol to solve. On the contrary it will create numerous uncertainties that will only serve to raise transactional costs for an already investment-intensive sector.”
Simon Twiston Davies, CEO of CASBAA: “The world’s satellite industry is united against this unprecedented intrusion that risks impeding the smooth operation of a sector which secures billions of dollars in private commercial financing every year.”
The signatory associations said that it hope that member states will take their very real concerns into account and stand down from adopting what would be a disaster for the future of satellite financing.
To view the full text of the letter to the Unidroit Conference Chairman click here.
