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Abstract:
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"An individual transferable quota (ITQ) is an allocated privilege of landing a specified portion of the total annual fish catch in the form of quota shares. This differs from the traditional open-access approach to commercial fisheries. ITQs divide the total annual catch quota into smaller individual portions. ITQs are generally transferable, which means fishing vessel owners can sell their ITQ certificates or buy others' certificates or, in some cases, lease their quota shares depending on how much (or whether) they want to participate in the fishery. ITQs are not considered property, but a privilege to catch a share of the total allowable catch of fish or shellfish in a given year. The initial allocation criteria for ITQs are controversial decisions established by Regional Fishery Management Councils, usually based on the historical catch of vessels, to benefit current active fishing vessel owners. Currently, three Federal ITQ programs operate in the United States--for surf clam and ocean quahog in Mid-Atlantic and New England waters; for wreckfish along the South Atlantic coast; and for halibut and sablefish off Alaska. Internationally, New Zealand introduced the first major ITQ program in 1986. Other countries with ITQ management programs include Australia, Canada, Iceland, Italy, the Netherlands, and South Africa."
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