The Fisheries Management Act of 1990 is the cornerstone of the present fisheries management system in Iceland. By the Act, a comprehensive system of individual transferable quotas (ITQs) was established for the fisheries. The quotas represent shares in the total allowable catch and are allocated to fishing vessels. The quotas are permanent, perfectly divisible and fairly freely transferable. Below find a text of the Act translated into English. This text is however not the current text as some changes have been made to this Act. A new translation will be available shortly.

The exploitable marine stocks of the Icelandic fishing banks are the common property of the Icelandic nation. The objective of this Act is to promote their conservation and efficient utilisation and thus to ensure stable employment and settlement throughout the country. The allocation of harvest rights provided for by this Act endows individual parties neither with the right of ownership nor irrevocable jurisdiction over harvest rights.

For the purposes of this Act, exploitable marine stocks shall include marine animals and marine plants found within the Icelandic exclusive fishing zone which are or may be exploited commercially and are not covered by special laws.
Iceland's exclusive fishing zone includes the ocean area extending from the low-water line to the outer limits of Iceland's exclusive economic zone (EEZ) as defined by Act No. 41, of 1 June 1979, concerning the Icelandic territorial sea, exclusive economic zone and continental shelf.

The Minister of Fisheries, having obtained the recommendations of the Marine Research Institute, shall issue a regulation determining the total allowable catch (TAC) to be caught for a designated period or season from the individual exploitable marine stocks in Icelandic waters for which it is deemed necessary to limit the catch. Harvest rights provided for by this Act are calculated on the basis of this amount.
The total allowable catch (TAC) of demersal species is established on the basis of a twelve-month period, beginning September 1 of each year and extending to August 31 of the following year, hereafter referred to as the fishing year. The TAC for the coming fishing year is to be decided by August 1 of each year. The Minister may, however, during the course of any fishing year, increase or reduce the TAC of individual demersal species [...].1 The TAC of other marine animals shall be determined sufficiently in advance of each approaching fishing season or period and the Minister may increase or reduce it during the ensuing fishing season or period.
1) Act No. 105/1996, Article 1

No one may pursue commercial fishing in Icelandic waters without having a general fishing permit. Fishing permits shall be issued for a period of one year at a time.
…1)
1) Act No. 79/1997, Article 21

[Commercial fishing permits may only be granted to fishing vessels holding certificates of seaworthiness and registered in the Registry of Vessels of the Directorate of Shipping or the special registry of the Directorate for boats shorter than 6 metres in length. Their owners and operators must fulfil the requirements to pursue fishing in Iceland's exclusive fishing zone, as provided for in the Act on Investment by Foreign Parties in Industrial Operations and the Act concerning Fishing and Processing by Foreign Vessels in Iceland's exclusive fishing zone. A fishing vessel may, however, only be issued one type of commercial permit for a single fishing year, i.e. a fishing permit with general catch quota, fishing permit with cod catch maximum, cf. Temporary Provisions I of this Act, a fishing permit with catch quota awarded in accordance with Temporary Provisions II of this Act (hook catch quota) or fishing permit with pursuit days.]1)
1) Act No. 1/1999, Article 1

[Boats receiving permits for handline fishing with pursuit day restrictions shall, as of 1 September [2001]1), pursue fishing in accordance with the provisions of this Article.
These boats are only permitted to fish during the period from 1 April to [31 October]2) each year. They may only fish using handlines. The Minister of Fisheries may, however, grant them permission to fish for benthic species and sharks, using specialised fishing gear for the purpose, and for lumpfish using nets.
The combined maximum cod catch for boats pursuing fishing in accordance with this Article shall, for each fishing year, be the same proportion of 13.75% of each fishing year's total cod catch as was the total share of these boats of 21 000 tonnes, based on calculated cod catch maximum in accordance with Article 2 of Act No. 83/1995, in addition to harvesting rights awarded in accordance with Temporary Provisions II of [Act No. 1/1999].2) The number of pursuit days shall be determined for each individual fishing year, initially for the fishing year commencing 1 September [2001]1), by calculating the mean cod catch per permitted pursuit day of the last fishing year and dividing the TAC for these boats for the fishing year in question by this figure. Pursuit days must be decreased or increased in whole days and any fraction shall be disregarded. Pursuit days shall never, however, decrease by more than [10%]2) from one fish-ing year to the next.
A pursuit day shall be regarded as up to 24 hours from the commencement of a fishing voyage. A pursuit day is considered to be concluded when a boat lands its catch. The Minister shall set details of the arrangements for pursuit days and relevant surveillance in a Regulation. All fishing outside of the pursuit days is prohibited. The Minister may, however, allow fishing in accordance with the final sentence of the second paragraph to be excluded from pursuit days.
Pursuit days may be transferred for individual fishing years or permanently between boats with permits for handline fishing with pursuit day restrictions. If the boat to which pursuit days are transferred is larger, in terms of gross tonnage, than the one from which the pursuit days are transferred the number of pursuit days shall be reduced in proportion to the relative size of the boats with any fraction being disregarded. Pursuit days transferred to a smaller boat shall be increased in the same manner. In the same manner the number of pursuit days of a boat which is enlarged shall be reduced. …1) The proportional number of pursuit days transferred from a boat, in excess of the days which have been transferred to a boat, may not exceed the proportion of the boat's utilisation of the pursuit days allocated during the 1996/1997 and 1997/1998 fishing years. For this purpose the average number of pursuit days utilised during the fishing years shall be used as reference. If pursuit days are transferred from a boat, the number of pursuit days remaining to the boat after the transfer shall be the difference between the number of pursuit days which may be transferred from the boat and the number of pursuit days which have been transferred, taking into consideration pursuit days which have been transferred to the boat. Transfer of pursuit quotas between boats must be notified to the Directorate of Fisheries in advance and is not valid until such transfer has been confirmed by the Directorate.
Boats of 6 gross tonnage or more, which have not held permits for handline fishing with pursuit day restrictions, may not be granted permits to pursue such fishing in accordance with this Article. Furthermore, a boat holding a permit for handline fishing with pursuit day restrictions may not be enlarged so that it becomes 6 gross tonnage or larger. ]3)
1) Act No. 93/2000, Article 1
2) Act No. 9/1999, Article 1
3) Act No. 1/1999, Article 2

Leisure fishing for personal consumption is authorised without special permit. Such fishing may only be pursued with handline without automatic jigger. Any catch obtained as provided for by the provision of this paragraph may not be sold nor used for financial gain by any other means.
The Minister may each year decide that at a specific number of public ocean rod and reel fishing derbies the catch shall not be included in the catch quotas [or hook-and-line catch quota]1) and the fishing days not included in pursuit days, provided the catch is not used for financial gain but only to pay for the cost of the competition.]2)
1) Act No. 1/1999, Article 3
2) Act No. 4/1996, Article 4

The fishing of those species of marine animals, which are not subject to limits of TAC as provided for in Article 3, is open to all vessels which are awarded a commercial fishing permit as provided for in Article 4, subject to limits imposed by general rules concerning fishing regions, fishing gear and fishing periods, and other rules adopted as provided for in the second paragraph of Article 4.
Harvest rights for the species for which total catch is limited shall be allocated to individual vessels. Each vessel shall be allocated a specified share of the TAC for the species. This is referred to as the quota share of the vessel concerned and remains unchanged from year to year, without prejudice to the fourth sentence of this paragraph.
[Prior to allocating the TAC to vessels on the basis of their quota shares the following catch shall be deducted:

1. [the estimated catch of boats fishing with pursuit day restrictions;]1)
2. …2)
3. harvest rights to be used for purposes of equalisation, cf. Article 9.]3)

The catch quota of a vessel for each fishing period or season is determined by the TAC for the species concerned and the vessel's quota share of the TAC as provided for in the second paragraph, without prejudice to the provisions of Article 9, however. The [Directorate of Fisheries]4) shall issue a special notification to each vessel of its catch quota at the beginning of each fishing period or season.
1) Act No. 1/1999, Article 4
2) Act No. 105/1996, Article 5
3) Act No. 87/1994, Article 3
4) Act No. 36/1992, Article 6

Should a TAC eventually be set, as provided for in Article 3, for a species of marine animal which has been caught without interruption for some time but has not previously been subject to provisions regarding TAC, quota shares shall be allocated on the basis of catch performance for the last three fishing periods.
Should no previous uninterrupted fishing experience of the species concerned be available, the Minister shall determine the quota shares allocated to individual vessels. In his decision he may have regard to previous catch performance, as well as the size or type of vessel. The Minister may make allocation of a quota as provided for in this paragraph subject to the condition that a vessel waive its fishing rights for other species.

[Demersal harvest rights amounting to 12 000 cod-equivalent tonnes shall be available each fishing year to offset major disturbances which are anticipated because of size-able fluctuations in the catch quotas of individual species. [These harvest rights shall be divided among the demersal species in proportion to the TAC of each individual species and the proportional value of individual species in accordance with the Act on a Fishing Surveillance Fee.]1)
The Minister shall, in a Regulation, assign these rights annually in such a way that they benefit those vessel owners who have suffered the greatest reductions.
Should these rights not be assigned for purposes of equalisation in accordance with this Article they shall be added to the total catch quotas for the species in question and be allocated in accordance with the quota shares of individual vessels.]1)
1) Act No. 34/2000, Article 1
2) Act No. 87/1994, Article 4

Vessels may fish in excess of their allocated catch quota for any given demersal species up to 5% of the total value of their demersal catch quota, with the result that their catch quota for other demersal species will be reduced to the same extent, based on its value [in accordance with the proportional value of individual species in accordance with the Act on a Fishing Surveillance Fee.]1). The authorisation of this paragraph does not, however, apply to fishing in excess of the allocated catch quota of cod.
In the event that a catch quota is transferred between vessels, as provided for in Article 12, the possibility of alteration provided for in the first paragraph is transferred from the vessel from which a catch quota has been transferred to the receiving vessel.
[Up to 20% of catch quotas for each demersal species and of catch quotas for deepwater shrimp, nephrops and herring, [10% of catch quotas for scallops and 5% of catch quotas for offshore shrimp]2) may be transferred from one fishing year to the next.]3)
[Vessels may also fish up to 5% in excess of catch quota for each demersal species, herring and deepwater shrimp and 3% in excess of the catch quota for offshore shrimp and scallops with the result that the excess catch will be subtracted from their allocated catch quota for the following fishing year.]4)
The provision for reduction provided for in the first paragraph shall be applied before the transfer provision of the third paragraph can be invoked. The provision of the fourth paragraph does not extend the provision for altering quotas between species provided for in the first paragraph.
…5) The Minister may decide in a regulation that fish within a certain size will be only partially included in the calculation of catch quotas.
The Minister may also decide that catches of certain species which are exported to markets abroad without processing shall be multiplied with an increment when calculating the amount of a vessel's quota involved in each instance. The increment shall be up to 20% for cod and haddock and up to 15% for other species.
1) Act No. 34/2000, Article 2
2) Act No. 16/1996, Article 1
3) Act No. 87/1994, Article 5
4) Act No. 16/1996, Article 2
5) Act No. 105/1996, Article 6

If a vessel ceases operation, cf. …1) Article 5, its quota share shall be allocated to a new or newly purchased vessel owned by the same party, provided that the vessel is comparable to the previous one. Should a vessel be lost the vessel owner may retain the catch quota of that vessel for twelve months, calculated from the beginning of the month following the loss of the vessel, even though a new or newly purchased vessel has not replaced the former within that time.
Should a vessel change hands it shall retain its quota share, having satisfied the provisions of the third and fourth paragraphs of this Article, unless the parties concerned make a written agreement otherwise.
If a vessel which has a commercial fishing permit is to be sold to a vessel operator resident in another municipality than the vendor, the municipal authorities in the vendor's municipality shall have first option to purchase the vessel. The municipal authorities in question shall be sent a written offer to exercise their option in which the selling price of the vessel and conditions shall be described in detail. The municipal authorities shall reply in writing to the offer to exercise their option within four weeks of receiving it and the option expires in this instance in the event that the offer is not replied to within this time limit.
Should the municipal authorities avail themselves of their option as provided for in the third paragraph of this Article, they shall at once offer vessel operators resident in this municipality the possibility of purchasing the vessel and publicly solicit offers to purchase.
If a vessel is disposed of without having regard to the provisions of this Article on first option, those holding the option may demand that the sale be annulled, provided legal proceedings to that effect are initiated within six months of their having received information of the sale. The option does not apply to vessels sold at public auction. The provisions of this Article do not apply to the sale of undecked boats.
The quota share of a vessel may be transferred wholly or in part and merged with the quota share of other vessels, provided that the transfer of a quota share does not result in the harvest rights of the receiving vessel becoming obviously in excess of its fishing capacity. [A quota share resulting from Temporary Provisions II of this Act (hook-and-line quota share) may only be transferred to a boat less than 6 GRT or 6 gross tonnage in size.]2) The con-fir-ma-tion of the [Directorate of Fisheries]3) that the transfer of harvest rights is within the limits permitted shall be sought without delay. Such transfer is not valid before the [Directorate of Fisheries]3) has confirmed it. The portion of a vessel's quota share which is the result of the compensation provisions of Temporary Provisions I may not be transferred until five years have passed from the date when this Act comes into force, provided that the vessel which is transferring its quota share has been actively fishing for that entire period.
1) Act No. 133/1997, Article 2
2) Act No. 1/1999, Article 5
3) Act No. 36/1992, Article 8

Notwithstanding the provisions of the second paragraph of Article 7 and of Article 11, the combined quota share of fishing vessels owned by individual parties, whether natural or legal persons, or owned by connected parties may never comprise a higher proportion of the total quota share of the following species than prescribed below:

Species	Maximum quota share
Cod	10%
Haddock	10%
Saithe	20%
Redfish	20%
Greenland halibut	20%
Herring	20%
Capelin	20%
Deepwater shrimp	20%
	Should the total value of catch quotas of species other than those listed above, which are subject to decisions on TAC in accordance with this Act, at the beginning of a fishing year amount to more than 2% of the total value of catch quotas of all species subject to decisions on TAC, the total quota share of fishing vessels owned by individual parties, whether natural or legal persons, or owned by connected parties, may never amount to a greater proportion of the total quota share of the species in question than 20%. The Minister shall, at the beginning of the fishing year, specify in a Regulation which species this concerns. [Calculations of the total value of catch quotas shall, on the one hand, be based on the proportional value of individual species during the fishing year or fishing period concerned, in accordance with the Act on a Fishing Surveillance Fee, and, on the other hand, by the allocated catch quotas of individual species during the period.]1)

Furthermore, the total quota share of fishing vessels owned by individual parties, whether natural or legal persons, or owned by connected parties may not amount to more than 8% of the total value of quota shares of all species subject to decisions on TAC in accordance with this Act and Article 5 of Act No. 151/1996. [Calculations of the total value of catch shares shall, on the one hand, be based on the proportional value of individual species during the fishing year or fishing period concerned, in accordance with the Act on a Fishing Surveillance Fee, and, on the other hand, by the allocated catch quotas of individual species during the period.]1)
Quota shares of fishing vessels owned by individual parties, as referred to in the first, second and fifth paragraphs, shall also include quota shares of fishing vessels which the parties have hire-purchased or leased for six months or longer.
The following shall be regarded as connected parties:
1. parties where one party, a natural or legal person, owns directly or indirectly the majority of stocks or initial capital in the other party or controls the majority of voting rights. The former is regarded as a parent company and the latter as a subsidiary;

2. parties where one party, a natural or legal person, actually controls the other, through means other than those described in Point 1; The former is regarded as a parent company and the latter as a subsidiary;

3. legal entities, where the situation is such that the same party or parties, whether natural or legal persons, or connected parties as referred to in Points 1 or 2, own the majority of stocks, initial capital or voting rights in both or all of the legal entities, provided the holding of each one of them corresponds to at least 10% of the share capital, initial capital or number of votes in the legal entity in question. The same shall apply if a party or parties, whether natural or legal persons or connected parties as referred to in Points 1 or 2, who hold the majority of share capital, initial capital or voting rights in a legal entity, and each of whom holds at least 10% of the share capital, initial capital or voting rights in the legal entity, own together with the legal entity in question the majority of share capital, initial capital or voting rights in another legal entity. The holdings and voting rights of individuals in legal entities as referred to in this Point shall, furthermore, include holdings and voting rights of their spouses and relatives in ascending or descending line.

Notwithstanding the provisions of the second paragraph, the total quota share of fishing vessels owned by individual legal entities, or connected parties, may amount to up to 12% of the total value of catch shares in all species as referred to in the second paragraph, if no party, whether natural or legal person or connected parties, holds more than 20% of the share capital, initial capital or voting rights in the legal entities concerned. There may be no restrictions on trading in holdings in the legal entity concerned. The holdings and voting rights of individuals in legal entities as referred to in this paragraph shall also include holdings and voting rights of their spouses and relatives in ascending or descending line. In the case of connected parties, both or all of them must fulfil the requirements of this paragraph. This shall not apply, however, to the holding of a parent company in a subsidiary. Co-operative societies shall be considered to comply with the requirements of this paragraph if they have 100 or more members.]2)
1) Act No. 34/2000, Article 3
2) Act No. 27/1998, Article 1

When it becomes apparent that the quota share of a party's fishing vessels will exceed the limits set in the first, second or fifth paragraph of Article 11a, such party is required to notify the Directorate of Fisheries of the transfer of quota shares, merger of legal entities who own fishing vessels with quota shares, purchase of holdings in such legal entities and purchase, lease with option to purchase, or leasing of fishing vessels with quota shares. In the case of connected parties, as referred to in Points 1 and 2 of the fourth paragraph of Article 11a, responsibility for notification rests with the parent company and in other cases with the party taking the action. Furthermore, legal entities owning fishing vessels with quota shares must regularly provide the Directorate of Fisheries with information on the holdings of all parties who own 10% or more of the share capital, initial capital or voting rights in the legal entity concerned. At the same time information shall be provided on the holdings of individuals and their spouses and relatives in directly ascending or descending line if their total holdings or voting rights amount to 10% or more of the share capital, initial capital or voting rights in the legal entity in question. Legal entities who own fishing vessels with quota shares, must furthermore inform the Directorate of Fisheries of legal entities in which they have holdings or voting rights and which own fishing vessels with quota shares.
The Directorate of Fisheries shall evaluate the information provided by the party and notify the party within a reasonable period of the quota share of its fishing vessels. If the quota share of fishing vessels owned by individual parties or connected parties exceeds the above-mentioned limits the Directorate of Fisheries shall notify the party concerned that such is the case and of the extent of its excess quota share. The party shall be given a time limit of six months from the time such notification was verifiably received to take measures to reduce the quota share below the limit. Should the party fail to provide the Directorate of Fisheries with information indicating that satisfactory measures have been taken by the expiration of the time limit, the excess quota share shall be cancelled. The quota share of the fishing vessels owned by the party concerned shall be reduced proportionally for each individual species. In allocating quota shares at the beginning of the fishing year following the expiration of the time limit such reduction shall serve to increase the quota shares of fishing vessels owned by other parties. The increase shall be directly proportional to the quota share of the fishing vessels in the species concerned.]1)
1) Act No. 27/1998, Article 2

[Catch quotas may be transferred between vessels. …1)
Catch quotas may be transferred between vessels without previous transaction on the Icelandic Quota Exchange in the following cases:
1. when catch quotas are transferred between vessels owned by the same party, whether a natural or legal person;

2. in the case of an equal exchange, based on the average trading prices of the species concerned on the Quota Exchange during the preceding week;

3. in the case of transfer of a catch quota of a species which the Minister has, in a Regulation, exempted from the trading obligation through the Quota Exchange. The prerequisite for such exemption is that a proposal of such has been made by the Board of the Quota Exchange, and provided that trade in catch quotas of the species concerned is so limited that it does not provide, in the opinion of the Board, sufficient basis for forming a market price on the offer market;

[4. in the case of transfer of hook-and-line catch quota.]1)

The Directorate of Fisheries must be notified in advance of any transfer of catch quotas as provided for in the second paragraph and it is not valid until the Directorate has confirmed the transfer.
All transfer of catch quotas between vessels, other than as provided for in the second paragraph, is prohibited unless preceded by a transaction on the Quota Exchange. The Act on the Quota Exchange shall apply.
[Should a fishing vessel catch less than 50% of its total catch quota, measured in cod equivalents, during two consecutive fishing years its quota share shall be cancelled and the quota shares of other vessels in the species concerned shall increase accordingly.]1) [This percentage shall be assessed on the basis of the value of individual species in the catch quota of a vessel in accordance with the Act on a Fishing Surveillance Fee.]2) The reference percentage as provided for in this paragraph shall, however, be reduced by 5 percentage points for every whole 30-day period the vessel fishes outside of the Icelandic exclusive fishing zone during that fishing year for species for which no agreement on fisheries management has been concluded.
Should a vessel be prevented from fishing for six months or more of a fishing year due to damage or a major breakdown, the catch of that fishing year shall not result in the cancellation of its quota share …1) in accordance with this Article.
For each fishing year the amount of catch quota transferred from a vessel, in excess of catch quotas transferred to the vessel, may not exceed 50% of the total catch quota allocated to the fishing vessel at the beginning of the fishing year on the basis of its quota share. [For this purpose the catch quota shall be calculated in cod equivalents on the basis of the value coefficients in accordance with the Act on a Fishing Surveillance Fee.]2) [However, with the consent of the Directorate of Fisheries, derogation may be made from these limits on transfer of catch quotas in cases involving changes to vessels at the disposal of the operator concerned and where the quota share is, in addition, transferred between the vessels concerned.]1) ]3)
[Hook-and-line quotas may only be transferred to boats less than 6 GRT or 6 gross tonnage in size.]1)
1) Act No. 1/1999, Article 6
2) Act No. 34/2000, Article 4
3) Act No. 12/1998, Article 1

The Minister may lay down further rules regarding the implementation of this Act.1)

1) Reg. 481/1990 and 499/1990. Reg. 58/1996, cf. 172/1997. Reg. 414/1994, cf. 452/1994. Reg. 492/1993, cf. 482/1994. Reg. 612/1994. Reg. 310/1995. Reg. 511/1998. Reg. 522/1998.

A special consultation committee, comprised of one common representative from all fishermen's associations and one representing associations of vessel owners, together with a chairman appointed by the Minister without nomination, shall discuss any issues of doubt or dispute which arise regarding fishing permits, the allocation of quota shares and catch quotas according to this Act and regulations adopted on its basis and send proposals for their resolution to the Minister.

Masters of fishing vessels which are issued commercial fishing permits as provided for in Article 5 shall keep special log books of catch statistics provided to them by the [Directorate of Fisheries]1) A Regulation shall specify the information to be recorded in catch log books, their form, and delivery to the [Directorate of Fisheries].1
Vessel owners, masters, and those purchasing the catch, in addition to agents, exporters, transporters, banks, and credit institutions, are required to submit to the Ministry or [Directorate of Fisheries],1 without charge and in the form determined by the Minister, any information which they have at their disposal and is considered necessary for surveillance of the implementation of this Act.
1) Act No. 36/1992, Article 10

…1)

1) Act No. 57/1996, Article 31

The [Directorate of Fisheries]1 is responsible for ensuring the proper implementa-tion of this Act and shall employ special inspectors to this end.
In addition to performing the duties provided for in Article 8 of Act No. 81 of May 31, 1976 and controlling that the rules set as provided for in that Act are followed, these inspectors shall supervise the landing, weighing-in and processing of the catch, as well as the export of the catch or product as specified in this Act, in regulations adopted in accordance with it, and in their official duty regulations. 2)
Inspectors may accompany fishing vessels on voyages or board the vessels to check their cargo and fishing gear. Furthermore, they shall be allowed access to all fish processing and storage areas.
[The Minister may, in a Regulation, decide that automatic remote surveillance devices shall be installed aboard fishing vessels at the expense of the vessel operator.]3)
1) Act No. 36/1992, Article 12
2) Duty Reg. No. 87/1995
3) Act No. 83/1995, Article 5

…1)
1) Act No. 34/2000, Article 5

[The Directorate of Fisheries shall suspend the commercial fishing permits of vessels in violation of this Act as provided for in detail in the Act concerning the treatment of commercial marine stocks.]1)
1) Act No. 57/1996, Article 26

[Violations against the provisions of this Act, rules set in accordance with it, or the provisions of official authorisations shall be liable to fines, regardless of whether they have been committed deliberately or through negligence. Cases of serious or repeated deliberate violation shall furthermore be liable to …1) imprisonment of up to six years.
The fine imposed in the case of a first violation shall amount to a minimum of ISK 400 000 and a maximum of ISK 4 million, depending upon the nature and scope of the violation. In the case of repeated violations the fine shall amount to a minimum of ISK 800 000 and a max-i-mum of ISK 8 million, again depending upon the nature and scope of the violation.
Legal provisions of concerning special fees on illegal marine catches shall be applied in the case of violations against this Act, as appropriate.]2)
1) Act No. 82/1998, Article 195
2) Act No. 57/1996, Article 27

Fines may be imposed on both legal entities and individuals. Without prejudice to the provisions of the first paragraph of Article 20, fines may be levied against legal entities, even though the guilt of their representatives or employees or other persons acting on their behalf has not been proven, if the violation has been or could have been to the advantage of the legal entity. In similar instances, fines may also be imposed against legal entities if their representatives or employees or other persons acting on their behalf are guilty of a violation.
Attempting to commit, or serving as accessory to, a violation against this Act is a criminal offence as provided for in the Penal Code.]1)
1) Act No. 57/1996, Article 28

Violations against this Act shall be prosecuted according to the Criminal Proceedings Act.]1)
1) Act No. 57/1996, Article 29

…1)
1) Act No. 79/1997, Article 21

... 1)
1) Act No. 79/1997, Article 21

This Act shall come into force at once and take effect as of 1 January 1991.

1) This consolidated text does not include the Temporary Provisions of Act 38/1990 and subsequent amendments which applied for a limited time and have no practical value for the application of the Act on Fisheries Management for the fishing year 2000/2001.

The provisions of the first point of the second paragraph of Article 1 of this Act shall also apply to transfer of catch quotas between vessels owned by the same operator if the vessels have been hire-purchased or leased and agreements thereto concluded before the entry into force of this Act.]1)
1) Act No. 12/1998, Temp. Prov. II

The Minister of Fisheries shall, five years after the entry into force of this Act, deliver to the Althingi a report, giving an account of its effects on Icelandic fisheries.]1)
1) Act No. 27/1998, Temp. Prov. II

Boats which have pursued handline and longline fishing with pursuit day restrictions or maximum cod catch, so-called hook-and-line boats, shall during the fishing years [1998/1999, 1999/2000 and 2000/2001]1) pursue fishing in accordance with this Provision.
Hook-and-line boats may only pursue fishing with longlines and handlines, or only with handlines. The Minister of Fisheries may, however, issue them permits to fish for benthic species, using fishing gear suitable for this purpose, such as ploughs and traps, and for lumpfish using nets.
The reference TAC for cod for hook-and-line boats shall be 13.75% of the total cod catch decided upon. Of this figure, the total cod catch maximum for the boats selecting this option shall be 12.64%, the total reference cod catch for those boats pursuing fishing under pursuit day restrictions and using longlines and handlines shall be 0.18% and the total reference cod catch for boats fishing under pursuit day restrictions and using only handlines shall be 0.93%.
The cod catch maximum of a hook-and-line boat may be permanently transferred to one or more hook-and-line boats pursuing fishing with cod catch maximum. Within a single fishing year up to 30% of the cod catch maximum allocated to a hook-and-line boat may be transferred to one or more hook-and-line boats pursuing fishing with cod catch maximum. [Up to 20% of the cod catch maximum from the may be transferred from one fishing year to the next.]1) Furthermore, cod catch quotas may be transferred as provided for in Article 7 to a hook-and-line boat with cod catch maximum. General rules on transfer of catch quotas shall apply to such transfer. Transfer of a cod catch maximum between boats must be notified to the Directorate of Fisheries in advance and is not valid until such transfer has been confirmed by the Directorate. A boat, which has pursued fishing for a specific number of pursuit days for the past two fishing years, may be issued a permit to pursue fishing under a cod catch maximum instead; the cod catch maximum of the boat shall continue to be part of the common cod TAC for boats pursuing fishing in accordance with pursuit day restrictions.
A pursuit day shall be regarded as up to 24 hours from the commencement of a fishing voyage. A pursuit day is considered to be concluded when a boat lands its catch. The Minister shall set further instructions on the arrangement and surveillance of pursuit days in a Regulation. All fishing outside of the pursuit days is prohibited. The Minister may, however, prescribe that fishing with specialised gear, in accordance with the final sentence of the second paragraph of this Provision, as well as fishing with specialised line for catching sharks, shall not be covered by the system of pursuit days.
The number of pursuit days for boats pursuing fishing under pursuit day restrictions, using longlines and handlines, shall be 32 for [each fishing year.]1) If a boat sails with longline, the number of days utilised shall be multiplied by 1.9 during the period from 1 May to 1 September and by 1.35 outside of this period. The cod catch of each boat may not, however, exceed 30 tonnes [each fishing year]1), calculated as ungutted fish.
Should the crew of a hook-and-line boat consist of a single person, the maximum number of tubs of line which may be taken aboard or be in use at any time is 12 for each pursuit day; for crews of two or more the maximum number is 20. This assumes that the line in each tub has 500 hooks.
The number of pursuit days for boats pursuing fishing with pursuit day restrictions, using only handlines, shall be 40 for [each fishing year.]1) The cod catch of each boat may not, however, exceed 30 tonnes [each fishing year]1), calculated as ungutted fish.
A fishing permit may be transferred from a hook-and-line boat with permit to fish in accordance with this provision to another hook-and-line boat of equal size, as measured by volume. A fishing permit may not be transferred to a hook-and-line boat which is larger than the hook-and-line boat from transfer is made unless a fishing permit is at the same time transferred from another hook-and-line boat which is three times larger in terms of volume than the corresponding differential. Such a boat may not, however, be larger than 6 gross tonnage. A fishing permit may not be transferred from a boat pursuing fishing with a cod catch maximum to a boat pursuing fishing with a specific number of pursuit days.
A hook-and-line boat may not be enlarged unless a fishing permit is transferred from another boat which is three times larger in terms of volume than the corresponding enlargement. A fishing permit may not be transferred from a boat pursuing fishing with a cod catch maximum to a boat pursuing fishing with a specific number of pursuit days. Such a boat may never, however, be altered to make it larger than 6 gross tonnage.
The Minister may decide that, at a specific number of public ocean rod and reel fishing derbies during the [1998/1999, 1999/2000 and 2000/2001]1) fishing years, the catch shall not be included in the cod catch maximum and the fishing days not included in pursuit days.
The estimated catch of hook-and-line boats for the [1999/2000 and 2000/2001 fishing years]1) shall be deducted from the TAC before it is allocated on the basis of quota shares.
[A special fishing surveillance fee shall be collected for boats fishing in accordance with this Temporary Provision. This fee shall be equivalent to the fee for notification of catch quotas in accordance with the second paragraph of Article 18 of the Act and the provisions of said paragraph shall apply to this fee as appropriate. The fee provided for in this paragraph shall be collected concurrent to the charge for a general permit provided for in the fourth paragraph of Article 18. This fee shall be based on catch landed during the previous period from 1 August to 31 July and the registered landed catch in the catch information system of the Directorate of Fisheries.]2)
Notwithstanding the provisions of this Temporary Provision, boats which have pursued longline and handline fishing or handline fishing only under pursuit day restrictions shall be given the option of choosing to pursue fishing in accordance with the provisions of Article 6 of the Act, provided they have notified the Directorate of Fisheries of their choice before [15 April 1999].3) During the [1998/1999, 1999/2000 and 2000/2001]1) fishing years these boats shall be authorised to pursue fishing for 23 pursuit days without limits to their total catch. This Temporary Provision shall apply to the fishing of these boats in other respects.]4)
[Notwithstanding the provisions of this Temporary Provision, a boat which has pursued fishing with a specified number of pursuit days and elects to pursue fishing with hook-and-line catch quota from the fishing year 2000/2001 onwards, may be issued a permit to pursue fishing with a maximum cod catch from 15 April 1999 [to 1 September 2001.]1) The allocated maximum cod catch of the boat during that time shall be the same as its calculated hook-and-line catch quota in accordance with Temporary Provisions II in Act No. 1/1999. In other respects, during this period the same rules and restrictions shall apply to the fishing of these boats as to other boats pursuing fishing with a cod catch maximum, including concerning the transfer of cod catch maximum. For the 1998/1999 fishing year the cod catch which boats referred to in the first sentence of this paragraph catch up until 15 April 1999, shall be deducted from the allocated cod catch maximum. Should a boat have caught more during this period than its allocated cod catch maximum, it may not continue fishing until cod catch maximum corresponding to the excess catch has been transferred to it. Parties wishing to avail themselves of the option referred to in the first sentence must notify the Directorate of Fisheries before 15 April 1999. The rules on allocation to boats which have pursued fishing with pursuit day restrictions, cf. the fifth paragraph of Temporary Provisions II of Act No. 1/1999, shall apply to determining the quota share of haddock, saithe and wolffish for those boats electing to pursue fishing with cod catch maximum in accordance with this paragraph.]3)
[If a hook-and-line catch share for cod has been transferred during the fishing year 1999/2000, from a boat which has a hook-and-line permit with limits on its cod catch in accordance with the sixth and eighth paragraphs, to a boat which has a hook-and-line permit with a cod catch maximum, cf. the fourth paragraph, the boat from which the cod catch share was transferred shall be allocated a fishing permit with cod catch maximum for the fishing year 2000/2001, unless the owner of this boat should instead choose a fishing permit with a hook-and-line catch quota.]1)
1) Act No. 93/2000, Article 2
2) Act No. 34/2000, Article 6
3) Act No. 9/1999, Article 2
4) Act No. 1/1999, Temp. Prov. I

Prior to the commencement of the 1999/2000 fishing year, hook-and-line boats shall be allocated quota shares in accordance with this Provision.
Boats which have pursued fishing with a cod catch maximum shall be allocated a quota share of cod based on the proportion which the catch maximum of the boat comprises of the 12.64% of the TAC for cod apportioned to this class of boats.
The 0.18% share of the cod TAC apportioned to boats pursuing fishing with longlines and handlines according to pursuit day restrictions, together with a catch share of cod amounting to 95 tonnes calculated as ungutted fish, shall be divided among the boats on the basis of their catch experience so that 80% is based on catch experience during the 1996/1997 and 1997/1998 fishing years and 20% based on calculated cod catch maximum in accordance with Article 2 of Act No. 83/1995.. No boat, however, shall receive a catch quota of less than 500 kg calculated as ungutted fish.
The 0.93% share of the cod TAC apportioned to boats pursuing fishing with handlines alone according to pursuit day restrictions, together with a catch share of cod amounting to 506 tonnes calculated as ungutted fish, shall be divided among the boats on the basis of their catch experience so that 80% is based on catch experience during the 1996/1997 and 1997/1998 fishing years and 20% based on calculated TAC for cod in accordance with Article 2 of Act No. 83/1995. No boat, however, shall receive a catch quota of less than 500 kg calculated as ungutted fish.
The total share of hook-and-line boats in TACs of haddock, saithe and wolffish shall be equal to their average share in the total catches of each of these species during the calendar years 1996, 1997 and 1998 and shall be divided between the catch systems in the same proportion as for cod, as provided for in the second to fourth paragraphs. In that class of boats which has pursued fishing with a cod catch maximum the share of haddock, saithe and wolffish shall be divided in proportion with the individual catch of each boat in these years and for this comparison the two best years of 1996, 1997 and 1998 shall be used. In this calculation the catch for 1998 shall be doubled. In that class of boats which has pursued fishing with pursuit day restrictions the quota share of haddock, saithe and wolffish shall be divided equally amongst the boats of each individual class.
Catch quotas which are allocated on the basis of quota shares in accordance with this Provision (hook-and-line catch quotas) may not be utilised except for longline and handline fishing. Quota shares and catch quotas provided for under this Provision may not be transferred to a boat holding another type of fishing permit.]1)
[Boats holding fishing permits with hook-and-line catch quotas may only fish those species for which they have hook-and-line catch quotas and species which are not subject to restrictions on total allowable catch. The Minister shall, however, set rules on allowable by-catch.]2)
[Despite the provisions of Temporary Provision XXIII of the Act, the Directorate of Fisheries may grant boats fishing permits with hook-and-line catch quotas during the 2000/2001 fishing year if the requirements referred to in Article 5 of the Act are fulfilled. The owners of boats fishing in accordance with Temporary Provision XXIII of the Act may choose a fishing permit with a hook-and-line catch quota for the 2000/2001 fishing year if they apply for such a permit to the Directorate of Fisheries before 15 June 2000, but their allocated hook-and-line catch quota may, however, never exceed that which would arise from the hook-and-line catch shares which were bound to the ship in question 1 April 2000. Should a party have sold a hook-and-line boat without a hook-and-line catch share during the period from 15 January 1999 to 1 April 2000, the Directorate of Fisheries may authorise the transfer of the hook-and-line catch shares which were bound to the boat to a boat which receives a fishing permit with a hook-and-line catch quota, provided he submits to the Directorate of Fisheries, no later than 15 June 2000, an agreement on the sale of the boat, an explanation of how the hook-and-line catch shares were disposed of and a request for their transfer.]2)
1) Act No. 1/1999, Temp. Prov. II
2) Act No. 93/2000, Article 3

From the 1999/2000 fishing year up to and including the 2005/2006 fishing year [3000 tonnes of cod annually]1) shall be allocated. These harvest rights shall be allocated to boats holding quota shares 1 December 1998 [which were on that day]1) less than 200 gross tonnage, provided they have landed cod catch during the 1996/1997 or 1997/1998 fishing years. These harvest rights shall be calculated as ungutted fish and shall be deducted from the TAC for cod before it is divided up on the basis of quota shares. Allocation to individual boats shall be based on their total catch quotas calculated in cod equivalents. Calculations shall be based on their quota share situation as of 1 December 1998, allocated total catch quotas for the 1998/1999 fishing year, and value coefficients for that fishing year, ensuring however that no boat receives more than a 100% increase in its cod catch quota and no allocation exceeds 10 tonnes calculated as ungutted fish. Allocation as provided for in this paragraph may never, however, result in the total harvest rights of individual vessels exceeding 450 cod equivalent tonnes in total. [Should an operator renew a boat which is entitled to allocation under this paragraph, with a newly built or purchased boat, the allocation shall be made to the replacement boat, provided that all harvest rights have been transferred to the new boat from the one being replaced and no arrangements made otherwise. The Directorate of Fisheries shall be notified of such renewal and to which boat allocation shall be made as provided for in this paragraph. Furthermore, the Minister of Fisheries shall be authorised to allocate, in accordance with the rules of this paragraph, additional harvest rights to boats which have replaced other boats during the period from 1 September 1997 until the entry into force of this Act, provided that all harvest rights have been transferred to the new boat from the one being replaced; such allocation shall not prejudice the rights of others as provided for in the paragraph.]1)
In addition, quota shares for cod shall be allocated to catch quota boats [which were less than 10 GRT or 10 gross tonnage in size as of 1 January 1991 or 1 December 1998],1) pro-vided their quota share for cod on 1 September 1999 is equal to or more than what it was 1 December 1998 and they have landed cod catch during the 1996/1997 or 1997/1998 fishing years. The cod quota share of these boats shall be increased by 5% from their quota share situation on 1 December 1998.
Upon the commencement of the 1999/2000 fishing year the quota shares of individual fishing vessels shall be recalculated having regard to the changes resulting from Temporary Provisions II and III.]2)
1) Act No. 9/1999, Article 4
2) Act No. 1/1999, Temp. Prov. II

Commencing in the 1999/2000 fishing year and up until and including the fishing year 2005/2006, the Regional Development Institute shall each year dispose of harvest rights amounting to 1500 cod-equivalent tonnes, calculated as ungutted fish, to support settlements in difficulty due to contraction in fisheries. These shall be allocated in consultation with the local authority concerned. The harvest rights shall be for cod, haddock, wolffish and saithe in proportion to the TACs for these species. These harvest rights shall be based on ungutted fish and shall be deducted from the TAC for cod before it is divided up on the basis of quota shares.]1)
1) Act No. 1/1999, Temp. Prov. IV

The Minister of Fisheries shall appoint a committee to review the Fisheries Management Act. This review shall be completed by the end of the 2000/2001 fishing year.]1)
1) Act No. 1/1999, Temp. Prov. V