What is converted CPO QS?
The Magnuson-Stevens Fishery Conservation and Management Reauthorization Act of 2006 requires NMFS to allow an eligible entity to annually elect to combine North Region designated processor quota shares (North PQS) and North Region designated catcher vessel owner quota shares (North CVO QS) and exchange these shares for newly created converted catcher/processor owner quota shares (converted CPO QS). Converted CPO QS yields converted CPO IFQ which can be used to harvest and process crab onboard a vessel. NMFS will issue converted CPO QS for the snow crab and Bristol Bay red king crab fisheries. To receive converted CPO QS, eligible entities must complete the annual application for converted CPO QS/IFQ permit and submit that application to NMFS, along with the annual application for crab IFQ/IPQ permit, by August 1 for that crab fishing year. The entities eligible to receive converted CPO QS are defined in regulations at 50 CFR 680.40(c)(5). Eligible entities will receive one unit of con
