The exploitation of marine living resources in maritime areas under Argentine jurisdiction may only be carried out by individuals domiciled in the country or private legal entities constituted and operating in accordance with national laws. Vessels engaged in fishing activities must be registered in the national register and fly the national flag.

As of the entry into force of this law, a catch quota shall be assigned to each fishing permit, both to existing ones and those granted in the future. The Federal Fisheries Council is authorized to regulate and issue all necessary rules to establish a regime for the management of fishery resources through the allocation of catch quotas by species, by vessel, fishing zones, and type of fleet. Catch quotas shall be temporary concessions that may not exceed, per company or business group, the percentage set by the Federal Fisheries Council on the Maximum Permissible Catch per species to avoid undesirable monopolistic concentrations. To establish the parameters of the fisheries management regime and the allocation of catch quotas, the Federal Fisheries Council shall prioritize the following items:

1. Number of national workers employed;
2. Investments effectively made in the country;
3. The average legal catch in tons of each species made during the last eight (8) years, measured until December 31, 1996, per vessel or group of vessels if they belong to the same company or business group;
4. The average tons of processed fish products, on board or on land, of each species in the last eight (8) years, measured until December 31, 1996, per vessel or group of vessels if they belong to the same company or business group;
5. Lack of records of sanctions applied for infringement of laws, decrees, or regulatory resolutions of fishing activity. Catch quotas may be wholly or partially transferable in accordance with the conditions established by the Federal Fisheries Council, which shall establish a Transfer Right payable by the assignee, in relation to the volume of catch and value of the species authorized by the quota. The transfer of catch quotas from fresh fishing vessels to freezers or processing plants shall not be allowed. The Federal Fisheries Council may reserve part of the Maximum Permissible Catch as a method of conservation and management, prioritizing its allocation to sectors of maximum social interest.

The Federal Fisheries Council will grant the assigned catch quotas, or capture authorization in the event that the species is not quotated, in accordance with the provisions of article 27 of this law, to those holders who declare by means of a declaration sworn before the enforcement authority that: a) They are not shipowners or owners of fishing vessels that carry out fishing operations within the waters under the jurisdiction of the Argentine Republic without the corresponding fishing permit issued in accordance with the provisions herein; b) They lack a legal, economic or beneficial relationship, in accordance with the provisions of Article 33 of Law 19.550, with natural or legal persons who own and/or operate fishing vessels that carry out fishing operations within the waters under jurisdiction. of the Argentine Republic without the corresponding fishing permit issued in accordance with the provisions herein; c) They have no legal, economic or beneficial relationship with natural or legal persons, owners and/or shipowners, of fishing vessels that carry out fishing operations within the waters under the jurisdiction of the Argentine Republic without the corresponding fishing permit issued in accordance with the provisions herein.

When the enforcement authority, after substantiating the corresponding summary, verifies that any of the illicit conduct classified in current regulations has occurred, it will apply one or more of the sanctions set forth, according to the characteristics of the vessel, the seriousness of the offense and the background of the offender: a) Warning, in the case of minor infractions; b) Fine, in accordance with the provisions of article 51 bis; c) Suspension of the registration in the records kept by the enforcement authority of the vessel which committed the crime, from five (5) days to one (1) year; d) Cancellation of the registration indicated in the previous section; e) Confiscation of fishing gear and/or equipment; f) Confiscation of the catch obtained illegally; g) Seizure of the vessel.