This law changes the management of shrimp (grásleppa) fishing by abolishing the current quota share system and replacing it with a special permit system. Only boats that had permits in 1997 or boats that derive their rights from those permits can engage in shrimp fishing, and new permits cannot be issued to boats larger than 15 gross tons. All quota shares for shrimp fishing will be eliminated when the law takes effect on September 1, 2026. The law also establishes rules for transferring permits between boats and prohibits such transfers while license suspension is in effect.