substantially devolved to the POs since the 1980s [15]. Each year the UK national quotas are allocated to the POs who then have responsibility for allocating quota to the individual vessels they represent and managing quota uptake throughout the year. Until 1999 PO quota allocations were based upon average landings of member vessels over the previous three years, but from 1999 these historical rights were “frozen” as Fixed Quota Allocations (FQAs). The FQA holdings of individual vessels now determine the percentages of the UK quotas which the POs receive each year. Each PO can determine how it chooses to allocate quota amongst its membership, for example using individual quotas (IQs) or monthly landings limits from a common quota pool. For the most part, quota uptake by the inshore (10 m overall length and under) fl eet as well as those few offshore vessels which do not belong to a PO is managed directly by the national fisheries administrations or their appointed agencies (the Marine Management Organisation – MMO – in the case of England and Wales). Most UK POs, including those described in this article, are legally constituted as “mutual” societies fishermen’s organisation but a few are established as private companies. Although quota is not explicitly tradeable in the UK, FQA entitlements can be transferred between licences and there is an active in-year lease market for quota which takes advantage of relaxed rules permit- ting quota exchanges between POs.