In accordance with the provisions of the common fisheries policy this Regulation establishes the criteria and procedures for the introduction of a system for the management of fishing effort in ICES divisions Vb, VI, VII, VIII, IX and X and CECAF areas 34.1.1, 34.1.2, and 34.2.0. The Member States shall establish lists of named fishing vessels flying their respective flags which are authorized to carry out their fishing activities in the fisheries defined in Annex I. With regard to each fishery for the catching of demersal species as defined in Annex I, the Member States shall assess the fishing effort necessary, on the basis of Community criteria for assessing the fishing efforts defined in Annex II.
With regard to the catching of pelagic species, including the highly migratory species, defined in Annex I, the Member States shall take steps to ensure a posteriori monitoring of the actual fishing effort. In Annex III are indicated the conditions governing the exercise of fishing activities. Catches of crustaceans, in the form of a by-catch, will be permitted only up to 10 percent of the volume of the catch kept on board in the course of directed fishing for hake and other demersal species. In Annex IV are indicated the measures concerning the exchange of certain fishing possibilities and authorized catch limits. In Annex V are listed the amendments to technical measures for fisheries conservation.