- NOAA Fisheries and the Mid-Atlantic Fishery Management Council manage the longfin squid fishery.
- Managed under the Atlantic Mackerel, Squid, and Butterfish Fishery Management Plan:
- Fishermen with a limited access permit can fish for unlimited amounts of longfin squid while the fishery is open. All other fishermen must obtain an incidental catch permit, and have possession limits.
- An annual coastwide catch quota is divided into trimester allocations. Managers monitor annual quotas closely, as there can be large fluctuations in abundance from year to year.
- Managers set a cap on the amount of butterfish that can be incidentally caught in the longfin squid fishery to help prevent overfishing on the butterfish stock.