Regulation No. 646/2007 on auction markets for marine catches.

This regulation governs the operation of auction markets for marine catches, aiming to ensure transparent trade, clear price formation, and rules on services and payments. It sets licensing requirements for operators, their responsibilities, and possible revocation of licences, and regulates how catches must be sorted, labelled, weighed, described and handled before sale. Auctions must generally be open to the public, with auction terms and fees made accessible in advance, and sellers must provide accurate information on factors affecting price and quality, such as fishing area, age, size, gear and handling. The regulation also covers auction managers, buyer payment obligations, transfer of ownership and responsibility after sale, delivery of catches, market fees, daily reporting of sold quantities, buyers and prices to Fiskistofa, settlement of sale proceeds to sellers, and accounting systems operated by auction-market clearing offices.