Picture Jiggers by A Henry

A PAPER on fishing quotas ‘New Individual Transfer Quota (ITQ) Rights: Additional Policy Clarifications’ was discussed at the most recent meeting of the Falkland Islands Government’s Executive Council.

Member of Legislative Assembly (MLA) Hansen said: “The report covered additional detailed policy issues to enable the Falkland Islands Government to take forward the drafting of the revised 2005 Ordinance.”

He explained that the policy framework for issuing new ITQ rights for a new 25 year period, based on recommendations set out in the commissioned 2018 report from consultants Terra Moana, was agreed by Executive Council in December 2020.

MLA Hansen said: “The policy enables current ITQ owners to apply for new ‘ITQ B’ rights if they can satisfy the criteria, chiefly that they have majority (51%) ownership of the ‘qualifying company’ that will undertake the fishing, and that they have signed up to an action plan based on the FIG-FIFCA Accord. Whether they choose to apply will be a business decision for each eligible company – those who do not apply, or are unsuccessful in their application, will continue to hold their existing ITQ rights (now referred to as ‘ITQ A’) until 2031. “

The recommendations of the report were agreed with the exception of recommendation (d) relating to Holding Companies which was deferred for further consideration and to revert to Executive Council in due course. The report was made public with redactions.