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… of individual transferable quotas that may be traded among licence holders (see, for example, FAO, 2004). And tradable … problems were faced in Australia where a move to formal licence based regimes began in the 1880s, when Victoria … for example, the water entitlement provided by a water licence was often poorly specified. That is, the licence did …

… permit; species which may only be kept under special licence; and species for which an ordinary permit procedure …