Regulation No. 1033 amending the Regulation No. 1144 on acquisition and commercial licence, registration and identification of fishing vessels.

This Regulation inserts Chapter (IIa) to Regulation No. 1144 with regard to the duty to notify changes in fishing vessel ownership. Transfer of shares or interests in the company or association owning a registered fishing vessel, shall be subject to notification. Requirement criteria includes a transfer which does not reduce the number of shareholding fishermen to 50% or less; that the transfer does not imply that nationality requirement for ownership pursuing article 5 of the Participation Act is not met; that the transfer does not involve a violation of fishing vessel ownership regulation; that the transfer does not involve a violation of regulations on in connection with the Participation Act. Notification of ownership change shall be submitted on the prescribed form and sent to the Directorate of Fisheries or the regional office in the reporting district, depending on who has decision-making power in accordance to the Participation Act. The vessel owning company is responsible for the ownership change not to be in violation of fishing regulations, as long as the Fisheries Directorate does not intervene within 10 days from the notification.