Ministerial Decree No. 602 validating the Regulation on the auction of industrial fisheries quotas.

This Ministerial Decree sets forth the modalities for auctioning quotas to industrial fisheries. Quotas and shares of quotas for industrial fisheries shall be auctioned in the following cases: (a) termination of fishing licence by agreement between the holder and the authorized state institution; (b) licence holder’s renunciation of its fishing rights; (c) death of the licence holder; (d) compulsory revocation of fishing rights for violation of fisheries regulations more than twice in a calendar year; (e) catch of aquatic biological resources non previously considered species subject to fishing, or fishing in unauthorized areas; and (f) transfer of a fishing licence between persons through expropriation. Auctions shall be open to legal persons and individual entrepreneurs registered on the territory of the Russian Federation and shall be organized by the Federal Fisheries Agency.