From the Luxembourg Rail Protocol to the draft MAC Protocol.

While the Luxembourg Rail Protocol to the Cape Town Convention will enter into force in the very near future, the International Institute for the Unification of Private Law is currently working towards the adoption of a fourth Protocol under the Cape Town Convention umbrella, which deals with mining, agricultural, and construction equipment (MAC Protocol). This article examines the common ground and core differences between the two legal texts. To this end, the article first introduces the basic features of the Cape Town Convention system and then focuses on the expected macro- and microeconomic impact of both the Rail Protocol and the MAC Protocol. It moves on to analyse the application of the Cape Town Convention to the railway sector in areas where four major industry-specific obstacles are needed to be overcome and contrasts the draft MAC Protocol, elaborating on its unique features. The authors conclude that both Protocols will not only enhance the legal position of creditors but also bring about significant macro-economic benefits. In addition, the draft MAC Protocol features several innovative provisions and thus can be expected to become a reference point in the ongoing debate on the modernization of the secured transactions framework both at the international and the national level. [ABSTRACT FROM AUTHOR]