Fisheries Regulations 1992

(1) On 1 July in each licensing year, the Joint Authority must allocate the number of quota units mentioned in subregulation (3) to each TRF licence to which fishery units are attached.

(2) If a TRF licence to which fishery units are attached is renewed after 1 July in a licensing year, on the date the licence is renewed, the Joint Authority must allocate the number of quota units mentioned in subregulation (3) to the licence.

(3) The number of quota units for each species group to be allocated is the number calculated in accordance with the following formula:

A = L ÷ T x TAC

where:

A is the number of quota units for the relevant species group to be allocated to the TRF licence.

L is the number of fishery units for the relevant species group attached to the TRF licence on the date of the allocation before any transfers of fishery units to or from the licence take effect.

T is the total number of fishery units for the relevant species group as mentioned in regulation 141G.

TAC is the total allowable catch for the relevant species group.

(4) However, if the number of quota units to be allocated is not a multiple of 1, the number must be:

(b) if the number is a multiple of 0.5 – rounded up to the nearest whole unit.

(5) If, under subregulation (1) or (2), the Joint Authority is required to allocate quota units to a TRF licence in relation to which any fees are due then, despite the subregulation:

(a) the Joint Authority must not allocate quota units to the licence until the fees are paid; and

(b) when the allocation is made, the number of quota units to be allocated must be calculated as if the allocation had been made on the date required under subregulation (1) or (2).