For the most part, quota uptake by the inshore (10 m overall length and under) fleet 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.