Rule 40 is a single sentence: Contracting Parties shall use the provisions of the Code for Implementation in the execution of their obligations and responsibilities contained in the present Convention.
In practice this binds every flag State that has ratified the COLREGs to implement them following the IMO Instruments Implementation Code (III Code) — covering how the State legislates, enforces, surveys and reports on the Convention. For the individual mariner nothing changes on the water; the rule operates at government level.
Key Takeaways
Binds Contracting Parties (States), not individual vessels
The III Code governs how States implement and enforce the COLREGs
Common Mistakes
Reading "application" here as applying to vessels — Rule 1 does that; Rule 40 applies to States
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