Fishing Quota Standards Act of 2005 - Amends the Magnuson-Stevens Fishery Conservation and Management Act (the Act) to require the Regional Fishery Management Councils and the Secretary of Commerce, 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; (2) the breadth of the present and historic participation in the fisheries; and (3) the fair and equitable distribution of the fisheries as 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 or crewmembers who derive a certain percentage of their annual income from the fishery.
Sets forth requirements for review committees established by each Council.
Establishes fees to be collected from persons that hold or transfer a quota share issued under a limited access system or an individual fishing quota program.
Directs the Secretary to issue regulations which establish certain requirements for fishing quota systems.