50 CFR § 600.1100-600.1108 - Magnuson-Stevens Act Provisions - Specific Fishery or Program Fishing Capacity Reduction Regulations.

This Subpart of Part 600 of the Code of Federal Regulations governs fishing capacity reduction programs for specific fisheries under section 312 of the Magnuson-Stevens Act and imposes fees to finance such programs. Section 312(b) authorizes the National Marine Fisheries Service (NMFS) to conduct a fishing capacity reduction program if funds are provided and it is determined that such a program is necessary to prevent or end overfishing, rebuild stocks of fish, or achieve measurable or significant improvements in the conservation and management of the fishery. Under this authority, the Secretary of Commerce may buy back vessels and/or fishing permits in order to obtain the maximum sustained reduction in fishing capacity at the least cost and in a minimum period of time. There shall be a Fishing Capacity Reduction Fund in the U.S. Treasury. A fee is due and payable at the time of fish delivery. Each fish buyer shall collect the fee at the time of fish delivery by deducting the fee from the delivery value before paying or promising later to pay the net delivery value.