Act No. 79 on fishing in Iceland's exclusive fishing zone.

The purpose of this Act is to promote the development and efficient utilization of exploitable stocks within Iceland's exclusive fishing zone and thereby to ensure stable employment and settlement in the country. Commercial stocks according to this Act include marine animals, as well as marine vegetation, which are utilized and may be utilized in the Icelandic fishing zone. According to Article 3, foreign vessels are prohibited from fishing in Iceland's exclusive fishing zone, without prejudice to the rights that have been granted or may be granted to other states under international agreements. According to Article 4, only those Icelandic vessels that have a license for commercial fishing in Iceland's exclusive fishing zone, according to the provisions of Act no. 38 of 15 May 1990, on fisheries management, may fish in this area.
Among other things, the Act regulates the fishing with bottom trawls, surface trawls and longlines; the fishing of Greenland halibut; the use of fishing gear; the declaration of specific protected areas; the prevention of local overexploitation of certain stocks; inspections; illegal fishing; etc. The Executive shall set rules on the implementation of this Act.