In this paper the case of the Cofradías of Fishermen in the Basque Country has been analysed as that of an institution which has in the past managed common pool fishing resources, although at present we cannot speak of common pool management in its strictest sense, partly because of increasing outside interference. Taking anchovy and albacore fishing as a reference, (since these are the two main target species), the rules for the self-organisation of the Cofradía refer mainly to the maximum amount to be unloaded per vessel per day, the fishing calendar and length of stay at sea. Special mention is due to the restriction imposed on the use of intensive practices such as pelagic trawling gear or mesh drift nets And, by extension, on the type of fleet accepted to work these fishing grounds. In spite of all the restrictions established on anchovy fishing at various levels, the present situation shows signs of overexploitation, overcapacity of the fleet and non-sustainability of resources, because of which the value of present fishing regulations is questioned.