TT Talk - Rotterdam Rules - status of signatures and ‘instruments’
As is now widely known in the industry, 16 countries signed the Rotterdam Rules at the signing ceremony of 23 September 2009. By 26 October 2009, the number of signatures increased to 21 countries.
The Rotterdam Rules will enter into force one year after 'the twentieth instrument of ratification, acceptance, approval or accession' hence signing up to the Rules is a precursor to such ratification, acceptance or approval (countries which are not signatory states can directly accede to the Rules).
Thus, the real counting will start with the first instrument of ratification, acceptance, approval or accession. As the Secretary-General of the United Nations is the depositary of the Rotterdam Rules, we recommend that Rotterdam Rules aficionados use the following UN web link for the latest status:
Incidentally, the TT Club is running a series of presentations on the Rotterdam Rules for Members and brokers at key locations around the world. These presentations aim to generate a clearer understanding of the impact the Rotterdam Rules might have. The first two of these presentations have been held in London and Hong Kong and taken together have attracted more than 100 delegates.
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