Lower House passed amendments to Law on Fishery in first reading. Part 1.

The State Duma of the Russian Federation has passed amendments to the Federal Law on Fishery and Conservation of Aquatic Biological Resources in the first reading, according to RIA Novosti.

The amendments, in particular, would make it possible to put up the capture quota share as collateral.

Besides, inshore fishery quotas will be distributed for a period of at least ten years. The approved amendments also include a stipulation that quota share can contractually be transferred to another owner.

According to the draft amendments, research quotas should be transferred into commercial quotas.

Commercial fishery can be conducted only by Russian-flagged fishing vessels equipped with technical means of control to secure continuous information transfer about vessel's position.

Peculiarities of landing of raw fish and processing fish harvested in the inshore waters and rules of their sales on commodity exchanges shall be approved by the acts of the RF Government.