The quota management system has failed fisheries in many ways including:
Failure to use international best practice and maintain stocks at 50% or above of the unfished biomass.
Lack of precautionary principle. When information is unavailable or unreliable the Total Allowable Catches (TACs) need to be set at low levels.
Failure to rebuild fish stocks once identified as being below the management targets.
Failure to control dumping and high grading.
Failure to undertake stock monitoring and assessment to provide timely and reliable stock status reports of a standard that would provide reliable yield estimates.