Amendment No. 26 to the Fishery Management Plan for the Reef Fish Resources of the Gulf of Mexico.

This Amendment to the Fishery Management Plan for the Reef Fish Resources of the Gulf of Mexico of the Gulf of Mexico Fishery Management Council establishes an individual fishing quota (IFQ) system for the commercial red snapper fishery. The amendment requires that, for any single fishing year, no person shall own IFQ shares that represent a percentage of the total, which exceeds the maximum percentage issued to a recipient at the time of the initial apportionment of IFQ shares. It also restricts initial eligibility to persons owning a Class 1 or Class 2 license, and allocates initial IFQ shares proportionately among eligible participants based on average annual landings. During the first five years of the program, IFQ shares/allocations can be transferred only to individuals/vessels with a valid commercial reef fish permit and to US citizens and permanent resident aliens thereafter. The IFQ program will be evaluated by the Council every five years.