This paper develops a model of a modern regulated fishery in which direct biological controls such as gear restrictions and shortened seasons are used to control allowable harvest. Individual fishermen are assumed to make decisions regarding potential fishing and capacity in light of how they anticipate fellow fishermen and regulators to act. An equilibrium occurs in which there is excess capacity that is controlled at the fishery level to ensure aggregate harvest targets are not exceeded. Some discussion of alternative mechanisms such as direct limitations or taxes on potential effort and on individual fishermen is also presented.