Fisheries Management Act, nr. 116 2006.

The present Act constitutes the basic framework for fisheries management in Iceland. The Act sets up several important principles of fisheries management. Chapter 1 containing general provisions, stipulates that marine resources are the common property of Iceland (art. 1). The Act requires the Minister of Fisheries to determine a Total Allowable Catch for individual exploitable marine stocks in Icelandic waters for which it is deemed necessary to limit the catch. The Minister of Fisheries has the right to increase or decrease the Total Allowable Catches during the fishing season. Chapter II concerns fishing authorizations and catch quotas. Section 4 fixes the obligation to have a fishing permit valid for one year. Commercial fishing permits may only be granted to fishing vessels holding certificates of seaworthiness or 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.
Chapter III, on administration and enforcement, grants powers to the Minister to lay down further rules regarding the implementation of this Act. The Directorate of Fisheries shall be responsible for ensuring the proper implementation of this Act and shall employ special inspectors to this end (art. 18). Other provisions of this Act concern the calculation of cod equivalents for each species subject to harvest restrictions, fishing fees and penalties. Provisions of the Act on a Special Fee for Illegal Marine Catch shall be applied in the case of violations against this Act, as appropriate.