Industry experts gathered in Rome to celebrate a trinity of anniversaries – UNIDROIT’s centenary, 25 years of the Cape Town Convention and 20 years of the International Registry. Here Rob Cowan, Managing Director, Aviareto, described the International Registry as a ‘force for change’ as he reflected on the historic foundation of these institutions and frameworks. He also looked ahead to the role of emerging technologies in the sector’s future.
The three monumental anniversaries were celebrated at the meeting of the Global Legal Network of the Aviation Working Group. The gathering provided a backdrop to explore some of the innovations driven by the Registry that have become instrumental in creating transformative, positive change in aviation finance. Developments including
- fractional registration
- the ability of lawyers to make registrations on behalf of clients
- the transferable right to discharge
- the creation of the Closing Room™
demonstrate the continuous evolvement of the Registry to meet the needs of the industry.
Rob Cowan, said: “We can be more than a simple functional system. We can be a force for change, and in fact, we have been a force for change over the last 20 years.”
As the aviation sector looks back to 2001, it is worth remembering the world in which the Cape Town Convention, and subsequently five years later, the International Registry, were created. The global world order that emerged following the Cold War was defined by hyper-globalisation and economic integration. Combined with the widespread adoption of the internet and SSL (Secure Sockets Layer) technology, the appetite and the practical means necessary for both the Convention and Registry to succeed had emerged.
Timing certainly played a crucial role, but the Registry’s success was largely born from the creative minds behind it. Since assuming responsibility for managing the International Registry in 2006, Aviareto has remained dedicated to ensuring the effectiveness of the platform, working closely with stakeholders, including the International Registry Advisory Board (IRAB), to support the platform’s continued evolution.
Reflecting on the industry collaboration that aided the Registry in its formative stage, Cowan said: “Together, we came up with rational and practical solutions, unafraid to make radical changes, and looking for a win-win.”
Rob also used the occasion to emphasise the benefits that technology platforms such as the International Registry can provide to international treaties. The idea that global norms built by international government organisations act as unwritten guardrails of state behaviour is a core tenet of constructivist theory. Rob’s speech proposed that technology platforms such as the International Registry, can similarly support international treaties’ successful implementation. By encouraging cooperation and the formation of new norms and standards, online platforms can accelerate compliance. This increases the efficiency and effectiveness of their corresponding treaties.
As Rob noted: “The International Registry is the exemplar of a technology platform supporting a successful international treaty.”
Watch the full 12-minute address: