[Federal Register Volume 59, Number 152 (Tuesday, August 9, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-19386]
[[Page Unknown]]
[Federal Register: August 9, 1994]
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DEPARTMENT OF COMMERCE
[I.D. 080394A]
Financial Considerations in Relation to an Individual Fishing
Quota Program; Public Meeting
AGENCY: National Marine Fisheries Service (NMFS), National Oceanic and
Atmospheric Administration (NOAA), Commerce.
ACTION: Notice of meeting.
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SUMMARY: NMFS announces a meeting to discuss financial considerations
in relation to the Individual Fishing Quota (IFQ) program for the
fixed-gear Pacific halibut and sablefish fisheries in and off Alaska.
The purpose of the meeting is to obtain information on methods of
financing and lien recording from the financial community and other
interested parties.
DATES: Monday, August 22, 1994, 1:00 to 4:00 p.m.
ADDRESSES: The meeting will be held at 605 W. 4th Ave. (Old Federal
Building), Room 135, Anchorage, AK.
FOR FURTHER INFORMATION CONTACT: John Lepore, 907-586-7228.
SUPPLEMENTARY INFORMATION: Title 50 CFR part 676 established an IFQ
program for the fixed-gear Pacific halibut and sablefish fisheries in
and off of Alaska intended to promote the conservation and management
of those fisheries. Persons who qualify will be issued quota share
(QS). This QS will entitle qualified persons to a specific harvest
privilege (IFQ) for the fishery resources.
Under this new IFQ management regime, it is possible that QS may be
deemed collateral by financial lending institutions when considering
loan agreements. However, representatives of financial lending
institutions have indicated that they may be reluctant to accept QS as
collateral unless there is a reliable method of determining: (1)
Whether there are existing liens on the QS being pledged and (2)
whether the person pledging the QS holds unencumbered title. As a
result, NMFS was requested to establish a mandatory lien registry that
would require, by law, that all liens against QS be recorded with NMFS.
After thoroughly reviewing this request from a legal and policy
perspective, NMFS decided not to move forward with regulations
establishing a mandatory lien registry. However, NMFS is still
evaluating other alternatives, such as establishing a voluntary lien
registry similar to the one used by the Federal Aviation
Administration, Department of Transportation, for liens against
aircraft.
In coming to a final decision on what role NMFS will play, if any,
in establishing a lien registry, NMFS believes it will be useful to
hear from representatives of financial lending institutions and other
interested parties about the advantages and disadvantages of voluntary
lien registries. Therefore, NMFS requests these parties provide their
thoughts at a meeting in Anchorage (see DATES and ADDRESSES).
Dated: August 3, 1994.
David S. Crestin,
Acting Director, Office of Fisheries Conservation and Management,
National Marine Fisheries Service.
[FR Doc. 94-19386 Filed 8-4-94; 1:10 pm]
BILLING CODE 3510-22-F
