The paper discusses some principles to be considered in the formulation of a framework for the regulation of fisheries from an ecosystem perspective, under the Convention for the Conservation of Antarctic Marine Living Resources. An important task in this formulation is to derive subsidiary objectives for regulation which have a more rigorous scientific interpretation than the broad principles of conservation set out in the Convention. An important property required for subsidiary objectives is that they are framed in terms of quantities which can be robustly estimated, thus allowing the degree to which objectives are being met to be assessed. The advantages of using a feedback method of regulation are discussed. However, because of delays in detecting and correcting errors in rates of exploitation, it is important that initial levels of exploitation are potentially sustainable. This requires that estimates are required for the abundance of a stock in advance of the substantial development of a fishery. The design of a regulatory framework is a complex task involving systems analysis. The usefulness of simulation studies of potential management procedures is briefly discussed.