31.12.2002 Official Journal of the European Communities L 358/59 COUNCIL REGULATION (EC) No 2371/2002 of 20 December 2002 on the conservation and sustainable exploitation of fisheries resources under the Common Fisheries Policy THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Commu- nity, and in particular Article 37 thereof, Having regard to the proposal from the Commission ('), Having regard to the opinion of the European Parliament (%), Whereas: (1) Council Regulation (EEC) No 3760/92 (°) established a Community system for fisheries and aquaculture. According to that Regulation, the Council has to decide on any necessary adjustments by 31 December 2002. (2)  The scope of the Common Fisheries Policy extends to conservation, management and exploitation of living aquatic resources and aquaculture, as well as to the processing and marketing of fishery and aquaculture products, where such activities are practised on the terri- tory of Member States or in Community waters or by Community fishing vessels or nationals of Member States, bearing in mind the provisions of Article 117 of the United Nations Convention on the Law of the Sea, without prejudice to the primary responsibility of the flag State. (3)  Given that many fish stocks continue to decline, the Common Fisheries Policy should be improved to ensure the long-term viability of the fisheries sector through sustainable exploitation of living aquatic resources based on sound scientific advice and on the precautionary approach, which is based on the same considerations as the precautionary principle referred to in Article 174 of the Treaty. (4)  The objective of the Common Fisheries Policy should therefore be to provide for sustainable exploitation of living aquatic resources and of aquaculture in the context of sustainable development, taking account of the environmental, economic and social aspects in a balanced manner. (5) It is important that the management of the Common Fisheries Policy is guided by the principle of good governance and that the measures taken are mutually compatible and consistent with other Community poli- cies. (6)  The objective of sustainable exploitation will be more effectively achieved through a multi-annual approach to fisheries management, involving multi-annual manage- () O] C 203 E, 27.8.2002, p. 284. (*) Opinion delivered on 5 December 2002 (not yet published in the Official Journal). () OJ L 389, 31.12.1992, p. 1. Regulation as last amended by Regula- tion (EC) No 1181/98 (O] L 164, 9.6.1998, p. 1). (12) (13) ment plans for stocks at or within safe biological limits. For stocks outside safe biological limits, the adoption of multi-annual recovery plans is an absolute priority. In line with scientific advice, substantial reductions in fishing effort may be required for these stocks. These multi-annual plans should establish targets for sustainable exploitation of the stocks concerned, contain harvesting rules laying down the manner in which annual catch and|or fishing effort limits are to be calcu- lated and provide for other specific management measures, taking account also of the effect on other species. The content of multi-annual plans should be commensu- rate with the conservation status of the stocks, the urgency of their recovery, and the characteristics of these stocks and the fisheries in which they are caught. Sustainable exploitation of stocks for which no multi- annual plan has been established should be ensured by setting catch and/or effort limits. Provision should be made for Member States or the Commission to adopt emergency measures in the event of a serious threat to the conservation of resources, or to the marine eco-system resulting from fishing activities, and requiring immediate action. In their 12 nautical mile zone, Member States should be allowed to adopt conservation and management measures applicable to all fishing vessels, provided that, where such measures apply to fishing vessels from other Member States, the measures adopted are non-discrimi- natory and prior consultation has taken place, and that the Community has not adopted measures specifically addressing conservation and management within this area. The Community fleet should be reduced to bring it into line with available resources and specific measures should be set up in order to attain that objective, including the fixing of reference levels for fishing capa- city which may not be exceeded, a special Community facility to promote scrapping of fishing vessels and national entry/exit schemes. Each Member State should maintain a national register of fishing vessels which should be made available to the Commission for the purposes of monitoring the size of the Member States' fleets.