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(1) A citizen or a qualified company who or that has entered into a charter agreement for the use of a foreign fishing vessel shall submit a copy of the charter agreement to the Commission for designation as an approved charter agreement.

(2) The conditions for the approval of a charter agreement shall be prescribed by the Regulations.

(3) A foreign fishing vessel fishing under an approved charter agreement is subject to the requirements of this Act in respect of foreign fishing vessels, including licensing and compliance requirements as well as penalties.