Individual fishing quota (IFQ) means a Federal permit to harvest a quantity of fish, expressed as a percentage of the total allowable catch of a fishery that may be received or held for exclusive use by a person. An IFQ is a harvest privilege that may be revoked at any time in accordance with the Magnuson-Stevens Act. IFQ species for the Shorebased IFQ Program are listed at 660.140, subpart D.
50 CFR § 660.111
These definitions are specific to the limited entry trawl fisheries covered in this subpart. General groundfish definitions are found at 660.11.