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This chapter discusses the overview of fisheries reference points, particularly maximum sustainable yield (MSY) and related concepts. The chapter also includes the terminology associated with overfishing and demonstrates that since the adoption of United Nations Convention on the Law of the Sea (LOSC) in 1982, the avoidance and reduction of overfishing and the obligation to maintain or restore populations of harvested species at levels that can produce MSY have become interrelated and fundamental objectives of the regime governing fisheries management. The evolution of the concept of MSY, its short-comings, and its formulation under UN Fish Stocks Agreement (UNFSA), and the concept of maximum economic yield and the associated issues of overcapacity and subsidization are highlighted. Lastly, the chapter also presents the status of key commercial straddling fish stocks and highly migratory fish stocks regulated by regional fisheries management organization (RFMOs).

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This chapter discusses the juridical classification of fish stocks, particularly straddling fish stocks and highly migratory fish stocks, under United Nations Convention on the Law of the Sea (LOSC) and UN Fish Stocks Agreement (UNFSA). The political and legal division of the oceans into various zones of jurisdiction and resulting maritime boundaries demarcate aquatic ecosystems and the resources they support into areas under national jurisdiction and the area within international waters known as the high seas. The chapter begins with a discussion of the terminology associated with the juridical classification of fish stocks, the governance implications associated with defining these fish stocks, and some related issues. The two classification of fish stocks (joint or shared stocks) now commonly referred to as transboundary stocks; and discrete or purely high seas fish stock are presented.

This chapter discusses the overview of the international legal framework and related instruments pertaining to straddling fish stocks and highly migratory fish stocks. Outlines of developments in international fisheries law and international governance for the promotion of sustainable development since the adoption of United Nations Convention on the Law of the Sea (LOSC) and during the post-UN Fish Stocks Agreement (UNFSA) period up to May 2006 Review Conference are also highlighted.