In 2018 executive council first discussed the concept of redesigning the Individual Transferable Quota scheme for finfish and LA-LEE-GO fisheries in the Islands.

After four years, this has now been achieved with the introduction of ITQ B as part of the Fisheries Conservation and Management Amendment Bill 2021.

Existing ITQ rights are due to expire in 2031.

However, fishing companies can take an early renewal opportunity by applying for ITQ B but must meet a new set of criteria.