Fisheries Management Act, passed in 1990, established the individual transferable quota (ITQ) system for the fisheries. They were subject to vessel catch quotas.

Source: Information Centre of the Icelandic Ministry of Fisheries and Agriculture

In 1990, a comprehensive and uniform Fisheries Management Act was passed by the Icelandic Althing. By this Act, the individual transferable quota (ITQ) system was established for the fisheries and they were subject to vessel catch quotas. The quotas represent shares in the national total allowable catch (TAC). They are permanent, perfectly divisible and fairly freely transferable.

The Ministry of Fisheries is responsible for management of the Icelandic fisheries and implementation of the legislation. The Ministry issues regulations for commercial fishing for each fishing year, including an allocation of the TAC from each of the stocks subject to such limitations.