New Zealand is a world leader in the use of Individual Transferable Quota (ITQ) to manage fisheries. Although the use of an ITQ system is not unique to New Zealand, no other country has used this system to the same extent as New Zealand. This has meant that, internationally, a lot of interest has been placed on how our system works and the level of success it has achieved.
Generally, the New Zealand system is considered to be a success story, yet the system has changed a number of times since its inception in 1986. Despite the level of interest in New Zealand's unique ITQ system, the current literature is unable to provide a complete account of the historic and current regulations surrounding it.
This paper addresses this gap by documenting how the Quota Management System (QMS) functions and the changes it has undergone since its introduction. Reviewing these changes facilitates a deeper understanding of the system itself, as well as providing insight into its potential limitations.