The purpose of this rule amendment is to modify the Commission’s ballyhoo rule to allow the continuation of the ballyhoo lampara net endorsement program, which supplies the bulk of commercially available ballyhoo. The ballyhoo fishery is a small but valuable commercial fishery that supplies bait to recreational anglers and has an average annual worth over $600,000. The 2008 stock assessment update indicated that the ballyhoo stock is not currently overfished and overfishing is not occurring. However, because ballyhoo are short-lived, they are subjected to large recruitment fluctuations caused by changes in climate and oceanographic conditions. In addition, the population migrates south to warm waters and forms highly vulnerable aggregated schools during winter in the Florida Keys. Due to the vulnerability of the winter aggregations and ballyhoo’s susceptibility to recruitment fluctuations, the 2008 assessment update emphasized the need to keep ballyhoo stock biomass high relative to the maximum sustainable yield. Therefore, measures that would increase pressure on the stock are not recommended. Specifically, this proposed rule would give the lampara net endorsement holders the option to sell their endorsement if they decide to leave the fishery. Currently, if an endorsement holder decides to leave the fishery the endorsement cannot be transferred or renewed. If the rules are not amended, the lampara net endorsement program will eventually disappear because no new harvesters will be able to enter the fishery. The effect of these rule amendments will be to allow the continuation of the ballyhoo lampara net endorsement program, which supplies the bulk of commercially available ballyhoo while not significantly increasing pressure on the ballyhoo stock.