75Minister to set deemed value rates

1. For each quota management stock, the Minister must, by notice in the Gazette, set an interim deemed value rate and an annual deemed value rate for that stock, and those rates continue to apply in each fishing year for that stock unless varied under this section.

2. In setting an interim deemed value rate or an annual deemed value rate, the Minister—

3. must take into account the need to provide an incentive for every commercial fisher to acquire or maintain sufficient annual catch entitlement in respect of each fishing year that is not less than the total catch of that stock taken by that commercial fisher; and
4. may have regard to—
   1. the desirability of commercial fishers landing catch for which they do not have annual catch entitlement; and
   2. the market value of the annual catch entitlement for the stock; and
   3. the market value of the stock; and
   4. the economic benefits obtained by the most efficient commercial fisher, licensed fish receiver, retailer, or any other person from the taking, processing, or sale of the fish, aquatic life, or seaweed, or of any other fish, aquatic life, or seaweed that is commonly taken in association with the fish, aquatic life, or seaweed; and
   5. the extent to which catch of that stock has exceeded or is likely to exceed the total allowable commercial catch for the stock in any year; and
   6. any other matters that the Minister considers relevant.

5. The Minister must set annual deemed value rates for a stock that are greater than interim deemed value rates set for that stock.

6. The Minister may set different annual deemed value rates in respect of the same stock which apply to different levels of catch in excess of annual catch entitlement.

7. The Minister may set an interim deemed value rate and an annual deemed value rate in respect of fish, aquatic life, or seaweed landed and received by a licensed fish receiver in the Chatham Islands that is different from the deemed value rate set in respect of fish, aquatic life, or seaweed of the same stock landed and received by a licensed fish receiver elsewhere.

8. The Minister must not—

9. have regard to the personal circumstances of any individual or class of person liable to pay the deemed value of any fish, aquatic life, or seaweed; or
10. set separate deemed value rates in individual cases—
when setting an interim deemed value rate or an annual deemed value rate.

11. Any interim or annual deemed value rate set under this section may be varied by the Minister in the same manner, and any rate set or varied under this section takes effect on the first day of the next fishing year for the stock concerned.