Established limited entry program for wreckfish.
- Established an individual transferable quota system, conveyed rights of indefinite durations which can be revoked for either non-compliance or future Council decision to modify or revoke the rights.
- Initial eligibility: include those who can document wreckfish landings during the period beginning Jan 1 1989 ending Sep 24 1990. In addition, the applicant must be able to document having landed at least an aggregate of 5,00 lbs of wreckfish between Jan 1 1989 – Sep 24 1990.
- Distribution of initial allocation: divide 1/2 of the 100 available shares equally among eligible participants, the remaining 50 shares will be divided based on the participant’s percentages of total wreckfish catch between January 1 1987 – Aug 8 1990 as determined by fish house receipts and dealer records.
- Transferability: allow the sale of percentage shares to anyone. Sale or lease of individual quota or portions of it can be to shareholders only ITQ not in direct use by the owner of the percentage does not have to be sold and will not revert to the management program. Allocate future wreckfish TACs, smaller or larger, based on the annual percentage shares at the beginning of the fishing year.
- No percentage share can be greater than 10% of the 100 available shares at the time of initial allocation.
- The system to track ITQs is a dual-entry system: paper coupons record pounds of wreckfish. both the buyer and seller must sign the coupon. Dealers require a federal dealer permit to handle wreckfish.
- Offloading: to offload wreckfish at any location other than that of a federally permitted wreckfish dealer, the vessel operator must notify NMFS enforcement 24 hrs prior to offloading. Offloading must occur between 8 am and 5 pm regardless of the dealer.
- Removed the 10,000 lbs trip limit.
- Final approval
- Public hearing
- Rule making
- Secretarial review