With the approval of the President of the Federated States of Micronesia, the governing Board of Directors of the National Oceanic Resources Management Authority (NORMA), by virtue of its mandate under Section 204 and 1207 of Title 24 of the FSM Code of Law (Annotated) (hereinafter “FSM Code”), hereby proposes to adopt the Vessel Day Scheme (VDS) Acquisition Fund Regulation.
The VDS Acquisition Fund Regulation governs the policies, procedure, management and control of the VDS Acquisition Fund established under Chapter 12 of Title 24 of the FSM Code. Trading of fishing vessel days using the VDS Acquisition Fund is necessary to maximize the economic benefit and revenue for the Federated States of Micronesia.
The VDS Acquisition Regulation is hereby published in accordance with Section 102 of Title 17 of the FSM Code. Extra copies of the regulation can be obtained from Executive Director of NORMA. Any person interested in commenting on the regulation may do so by written submission to:
Mr. Eugene Pangelinan
National Oceanic Resource Management Authority
P. 0. Box PS-122 Palikir, Pohnpei FSM 96941
Tel: (691) 320-2700 Fax: (691) 320-2383
All written submissions must be received by the Executive Director of NORMA within thirty (30) days of posting of this notice. The regulation is proposed to take effect forty days from the date of posting of this Notice. Otherwise, the actual date of effectiveness will be noted on the certified copy of the regulations to be filed pursuant to 17 FSMC Section 103(1).