The Luxembourg Rail Protocol, a global treaty to improve the procurement of privately financed rolling stock, has entered into force. OTIF is now formally the Secretariat of the Supervisory Authority and supervises the establishment and operation of the International Registry of railway rolling stock. Gabon, Luxembourg, Spain, Sweden, and the European Union originally signed and ratified the protocol. Other countries such as Paraguay and South Africa are about to ratify, while the UK, France, Germany, Italy, Mozambique, and Switzerland have already signed the protocol. Other countries are also considering adopting the protocol. The Protocol, which introduces a new recognition, prioritisation, and enforcement of creditor and lessor rights in relation to rolling stock and establishes a permanent identification system for rolling stock, is supported by numerous international railway organisations. The development of the Protocol, which was first formulated in February 2007 following the Cape Town Convention in 2001, marked a significant period of time leading up to its entry into force.
