The EU fisheries policy, also known as the Common Fisheries Policy (CFP), establishes rules for managing European fishing fleets and conserving fish stocks. The CFP gives all EU fishing fleets equal access to waters and allows fishermen fair competition. It has four main areas: fisheries management, international policy, market and trade policy, and funding the policy. The latest funding source is the European Maritime and Fisheries Fund from 2014-2020 totaling €6.4 billion. The CFP also establishes measures against illegal, unreported, and unregulated fishing for all EU and third-party producers.