No person shall tranship any fish from a Canadian fishing vessel to a foreign fishing vessel unless that foreign fishing vessel is licensed under the Coastal Fisheries Protection Regulations to take on board the fish.

(1) The Minister may issue a license authorizing the use of a vessel that is subject to the jurisdiction of Canada in fishing or transhipping fish in waters other than Canadian fisheries waters if (a) the fishing or transhipping of fish carried out under the authority of the license would not contravene or undermine any international fisheries conservation scheme; and (b) in the case where the fishing or transhipping of fish is to be carried out in waters that are subject to the jurisdiction of another state, the fishing or transshipping of fish by that vessel is authorized by a competent authority of that state.