stricted across vessel sizes and categories. Catcher vessel quota share is transferable only to certain qualified buyers, whereas catcher-processor vessel quota share is transferable to any person. Lease restrictions apply to certain quota shares. Quota shares of less than 20,000 pounds are “blocked" so that they cannot be further subdivided.

Setting of TACs and Other Biological Parameters. The setting of TACs continues to be based on the process that existed prior to the adoption of the IFQ program. The IPHC (for halibut) and the NPFMC (for sablefish) determine the allowable biological catch and overfishing limits. The NPFMC is responsible for setting the TAC for the commercial fisheries such that the sum of the commercial, sport, subsistence, treaty, and bycatch mortality is less than the overfishing limit. Once the TAC has been determined, the determination of IFQ for halibut is straightforward. In the case of sablefish, approximately 10% of the TAC is set aside for the trawl fishery, and the IFQs are based on the residual.

Monitoring and Enforcement. Monitoring is accomplished through a combination of real-time and posttransaction auditing. Deliveries can only be made to registered buyers following a six-hour notice to NMFS. The real-time accounting is through IFQ Landing Cards and transaction terminals. Posttransaction accounting compares the records submitted by registered buyers with the fishermen's landings records. Some (larger) vessels carry observers for catch and bycatch estimation. Provisions exist for over- and underharvests, where limited amounts of annual quota share can be either deducted or credited to the next year's allocation.

Administration and Compensation. The NMFS Alaska Region Restricted Access Management (RAM) Division was created to oversee the initial allocation of quota shares, approve transfers, and monitor compliance. There were no special taxes or fees to cover the cost of developing and administering the IFQ programs before their inception to the present. In keeping with the new Magnuson-Stevens Act requirements, a cost recovery program is now being developed.

Evaluation and Adaptation. The first amendments to the halibut and sablefish IFQ programs had been submitted to the Secretary of Commerce before the program was implemented in 1995. Virtually every meeting of the NPFMC since January 1995 has addressed one or more refinements to the program.

Outcomes of the IFQ Program

Biological and Economic Outcomes for the Fishery. The IPHC estimates that halibut fishing mortality from lost and abandoned gear decreased from 554.1 metric tons in 1994 to 125.9 metric tons in 1995. The discard of halibut bycatch

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