Fishing Quota Standards Act of 2003 - Amends the Magnuson-Stevens Fishery Conservation and Management Act (the Act) to require the Regional Fishery Management Councils and the Secretary of Commerce or the Secretary's designee, when developing a limited access system for fisheries to achieve optimum yield (fishing quota system), to take into account, among other factors: (1) the conservation requirements of the Act with respect to fisheries; and (2) the fair and equitable distribution of a public resource.
Authorizes the establishment of a fishing quota system in a fishery management plan or amendment prepared by any Regional Fishery Management Council or the Secretary. Directs the Councils and Secretary to ensure that any such proposed system comply with certain requirements. Prohibits approval or implementation by the Secretary of any plan or amendment establishing such a system unless it has been approved by more than two-thirds of those voting in a referendum among eligible permit holders.
Sets forth requirements for review committees established by Councils and for a Secretarial review committee.
Directs the Secretary to issue regulations which establish certain requirements for fishing quota systems.