Ninety-one satellite operators, manufacturers and financiers have delivered a letter to inform world governments of the of their concerns over a proposed piece of international legislation called the Unidroit Space Assets Protocol, sponsored by the Unidroit organisation, the International Institute for the Unification of Private Law, based in Rome.
This Protocol aims to develop a new legal framework for financing satellite and space programmes despite the fact that no problems have been identified with the existing framework for financing satellites, which has worked well to date. Rather than promoting financing, the Protocol in fact risks complicating and damaging what is currently in place. The industry would be confronted with the prospect of obligations and costs from new legislation that purports to remedy a problem that simply does not exist.
“At a time when governments are urging industry to create more jobs to enable growth, if enacted, the legislation will place counter-productive burdens on the worldwide satellite industry”, said the chief executives of CASBAA, SIA, ESOA and SIAA2. “The additional bureaucracy will bog down procurement, reduce investment and result in the creation of fewer jobs in one of the most innovative and successful industries in the world.”
“We believe that the overwhelming opposition of the global industry should count for something in the priorities of our governments,” the four chief executives said. “We therefore urge all those with an interest in the continuing success of this sector to speak up and stop this process.”