The Republic of Moldova will join the Protocol on Matters Specific to Aircraft Equipment (Aircraft Protocol) to the Convention on International Interests in Mobile Equipment. A bill to this effect was approved by the Cabinet, IPN reports.

Moldova joined the Convention by a Parliament decision of 2015. The Convention defines the legal norms applying to all the categories of mobile equipment, creating international standards for the registration of sale and leasing contracts.

The goal of the Aircraft Protocol is to institute a regime that enables the signatory states to protect the financial interests in case of transactions with aircraft equipment. This way, the guarantees for creditors and investors and the debtor safety level will be increased.

The Protocol is valid for an indefinite period and will take effect on the first day of the expiration of the three-month term of its ratification by Moldova’s Parliament.

The Aircraft Protocol has been joined by 64 states.