Tonight's lesson:
Quota Share (QS) and Individual Fishing Quota (IFQ)
What is QS?
QS represents a long-term privilege to harvest a percentage of the crab fishery. QS was issued initially either to :
(1) holders of permanent LLP* licenses for which the original LLP qualifying vessel had eligible crab landings; or
(2) crew members who, in the crab qualifying years held a State of Alaska Interim Use Permit and made landings with that permit.
LLP-based QS is 97% of all the QS in a fishery. Crew-based QS is 3% of all the QS in a fishery. Each year QS yields IFQ.
(1) holders of permanent LLP* licenses for which the original LLP qualifying vessel had eligible crab landings; or
(2) crew members who, in the crab qualifying years held a State of Alaska Interim Use Permit and made landings with that permit.
LLP-based QS is 97% of all the QS in a fishery. Crew-based QS is 3% of all the QS in a fishery. Each year QS yields IFQ.
What are the types of quota share?
There are four types of harvesting Quota Share (QS) depending on how the shares were initially earned.
"C" or "Crew" shares were initially issued to persons who historically held CFEC crab permits, and signed fish tickets for qualifying landings.
CVC Crew shares were based on qualifying pounds delivered raw, and
CPC QS was based on qualifying landings processed at sea.
CVC Crew shares were based on qualifying pounds delivered raw, and
CPC QS was based on qualifying landings processed at sea.
"O" or Owner" QS was initially issued to persons who held License Limitation Program (LLP) crab permits and had qualifying landings.
CVO shares were based on qualifying pounds delivered raw, and
CPO shares were derived from qualifying landings processed at sea.
Annual IFQ derived from Owner and Crew quota shares have different use privileges.
CPO shares were derived from qualifying landings processed at sea.
Annual IFQ derived from Owner and Crew quota shares have different use privileges.
How do I get QS?
NMFS issued QS to qualified LLP holder or crew member applicants who submitted an application BEFORE the application deadline. Applications were accepted from April 4, 2005, until 5:00 p.m. Alaska local time on June 3, 2005.
What is IFQ?
IFQ is the pounds of crab that QS yields each year. It is determined by number of QS units held and the annual crab total allowable catch amount (TAC). The QS holder or a hired master can fish IFQ. IFQ may be assigned to a cooperative. IFQ that is based on QS issued to LLP License holders can be leased until June 30, 2010. IFQ that is based on QS issued to crew can be leased until June 30, 2008, and after that date, under special exemptions for medical hardships and the physical loss of a vessel on which the IFQ holder uses the IFQ.
How do I get IFQ?
A QS holder must submit an application for IFQ to NMFS by August 1 each year. You can either receive the IFQ yourself, or assign that IFQ to a crab harvesting cooperative. You can also receive IFQ by transfer. All required fees and data reports must be submitted before NMFS issues you IFQ. In addition, NMFS will not issue IFQ to any QS holder that is required to participate in the Arbitration System until the Arbitration System requirements have been met.
What are the types of IFQ?
IFQ is issued in four types:
CPO, CPC, CVO, and CVC.
CPO and CPC QS can be used to harvest and process crab onboard a vessel. It does not have to be delivered to a specific shorebased or stationary floating crab processor.
CVO and CVC QS must be delivered to a shorebased or stationary floating crab processor.
CPO and CPC QS can be used to harvest and process crab onboard a vessel. It does not have to be delivered to a specific shorebased or stationary floating crab processor.
CVO and CVC QS must be delivered to a shorebased or stationary floating crab processor.
CVO QS will yield two types of IFQ each year: Class A and Class B. Crab harvested under a CVO Class A IFQ permit must be delivered to a processor with unused IPQ in a specific region. Ninety percent (90%) of the CVO IFQ will be issued as Class A IFQ. Ten percent (10%) of the CVO IFQ will be issued as Class B IFQ. Crab harvested under a Class B IFQ permit can be delivered to any processor and does not need to be delivered to a processor with IPQ in a specific region.
CVC QS yields CVC IFQ until June 30, 2008. CVC IFQ is similar to Class B IFQ; it can be delivered to any processor and is not tied to a specific region. After June 30, 2008, CVC QS will yield CVC Class A IFQ and CVC Class B IFQ. Ninety percent (90%) of the CVC IFQ will be issued as CVC Class A IFQ. Ten percent (10%) of the CVC IFQ will be issued as Class B IFQ. CVC Class A IFQ has the same requirements to be delivered to a processor with IPQ and regional delivery requirements. CVC Class B IFQ does not have these requirements.
Are your eyes glazing over yet? Wait - it gets worse!
Stay tuned!
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* LLP - License Limitation Program
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