6.2(c) Investment in Purse Seine Vessels Subject to the PNA Special Arrangement

Processors, traders, importers, transporters, marketers and others involved in the seafood industry that are investors in any new vessels that meet all of the conditions in ISSF Conservation Measure 6.2(b), and are therefore exempted from compliance with ISSF Conservation Measures 6.1 and 6.2(a), shall buy out and scrap existing capacity up to the percent of capacity of the new vessel that corresponds to their ownership interest in the new vessel, in accordance with paragraph 2(d) of ISSF Conservation Measure 6.2(a).

For the purposes of this measure, “new vessels” include vessels owned, partially or fully:

1. directly or indirectly (through intermediary entities) by any ISSF Participating Company or any member of the corporate group of which such Participating Company is a part, or
2. directly or indirectly by any individuals who are majority shareholders (or any equivalent form of ownership) of any ISSF Participating Company. Individuals shall include any natural person and his or her family members (including spouse, domestic partner, child, sibling, parent or grandparent, whether natural, adopted or by marriage).

For the purposes of this measure, large-scale purse seine vessels are those with at least 335 m3 fish hold volume.