Protocol of 1976 to the International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage, 1971 (FUND PROT 1976)

General Detail

General Information

  1. Type: Convention
  2. Date of signature:
  3. Place of signature: London, United Kingdom
  4. Depositary:
  5. Date of entry into force: 22/11/1994

Category

Environment and products

Sub category

Maritime and Law of the Sea

Groups

IMO

What is it about?

The 1971 Fund Convention applied the same unit of account as the 1969 Civil Liability Convention, i.e. the “Poincaré franc”. For the same reason, the Protocol provides for a unit of account, based on the Special Drawing Right (SDR) as used by the International Monetary Fund (IMF). From 16 May 1998, Parties to the 1992 Protocol ceased to be Parties to the 1971 Fund Convention due to a mechanism for compulsory denunciation of the "old" regime established in the 1992 Protocol. However, for the time being, two Funds (the 1971 Fund and the 1992 Fund) are in operation.

Why is it relevant?

The Protocol initially provided a higher level of consistency across the ratifying states by making it easier to calculate the value of a claim for compensation in relation to the Fund. However, as is mentioned above, it is now intended to be replaced by the 1992 Protocol. Despite this, there are some States that have not yet acceded to the 1992 Protocol, which is intended to completely replace the 1971 regimes. Therefore the 1976 Protocol will continue to exist until all partied have denounced it.

Additional Information

N/A

  • The International Convention on Civil Liability for Oil Pollution Damage, 1969
  • Protocol to the International Convention on Civil Liability for Oil Pollution Damage, 1969 (CLCPROT 1976)
  • International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage (FUND) (London, 18 December 1971)
  • Protocol to Amend the International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage (FUND 2) (London, 27 November 1992)

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Country ratifications
CountryRatification date
Albania06/04/1994
Australia10/10/1994
Bahamas03/03/1980
Bahrain03/05/1996
Barbados06/05/1994
Belgium01/12/1994
Canada21/02/1995
Cyprus26/07/1989
Denmark03/06/1981
Finland08/01/1981
France07/11/1980
Germany28/08/1980
Greece09/10/1995
Iceland24/03/1994
India10/07/1990
Italy21/09/1983
Japan24/08/1994
Liberia17/02/1981
Marshall Islands16/10/1995
Mauritius06/04/1995
Mexico13/05/1994
Morocco31/12/1992
Netherlands01/11/1982
Norway17/07/1978
Poland30/10/1985
Portugal11/09/1985
Russian Federation30/01/1989
Spain05/04/1982
Sweden07/07/1978
Vanuatu13/01/1989
Venezuela21/01/1992
Treaties analysis
YearRatifications
19782
19803
19814
19822
19831
19852
19893
19901
19922
19947
19954
19961
Total32
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