The Faroese Parliament passed a bill that represents a major reform of national fisheries management in the Faroe Islands on 13 December 2017. As of 1 January 2018, all commercial fishing licences were terminated.
The Faroes now have a new fisheries management system recognising that all living marine resources in the Faroese waters are the property of the Faroe people. All fisheries must be biologically, economically and socially sustainable.
The Faroe Islands are in the North Atlantic Ocean, about halfway between Norway and Iceland. Government of the Faroe Islands. 3 January 2018