NMFS issues this final rule to implement approved measures contained in Amendment 7 to the Northeast Multispecies Fishery Management Plan (FMP) including a resubmitted part of the amendment. These regulations: Establish an annual target Total Allowable Catch (TAC) for regulated species; accelerate the current days-at-sea (DAS) effort reduction program; eliminate most of the exemptions to the effort control program and revise the requirements for taking time out of the fishery; add new closed areas; restrict fisheries in the Gulf of Maine/Georges Bank (GOM/GB) and Southern New England (SNE) regulated mesh areas having more than a minimal bycatch of regulated species; establish the current experimental Nantucket Shoals dogfish fishery as an exempted fishery; modify the permit categories; establish restrictions on charter/party and recreational vessels; and revise and expand the existing framework provisions. The intended effect of this rule is to rebuild multispecies stocks. In addition, NMFS informs the public of the approval by the Office of Management and Budget (OMB) of the collection-of-information requirements contained in this rule and publishes the OMB control numbers for these collections.