Act on Fishing and Processing by Foreign Vesselsin Iceland’s Exclusive Fishing ZoneNo. 22, 8 April 1998Entered into force 8 April 1998. Amended by Act No. 22/2007 (entered into force 29 March 2007) and Act No. 88/2008 (entered into force 1 Jan. 2009 with the exception of Temporary Provision VII, which entered into force 21 June 2008).Article 1Only the following parties may pursue fishing and process marine catch aboard vessels in Iceland’s exclusive fishing zone, as defined in Act No. 79/1997, concerning fishing in Iceland’s exclusive fishing zone:1. Icelandic nationals and other Icelandic parties;2. Icelandic legal entities, fully owned by Icelandic parties or legal entities which fulfil the following requirements:a. are under the control of Icelandic parties;b. ownership by foreign parties does not exceed 25% of share capital or initial capital. If the holding of an Icelandic legal entity in a legal entity pursuing fishing or processing in Iceland’s exclusive fishing zone...