This paper describes the developmentof the international shrimp (Pandalus borealis) fishery in NAFO Division 3M. Variousindices show that even though the stock wasin high levels,in 2006 and 2007 the lack of good recruitments in the last thirteenyears and the progressive disappearance of the strong year classes 2001 and 2002caused a drastic decline of the stock.Although since2011 a moratorium over shrimp fishery was established,predation by redfish and cod contributed to the decline of shrimp especially after 2007-2008. The increment of large specimens in the cod stock, especially since 2010, increasedthe predation mortalityon redfish, inducing the decrease of the redfish stockand as consequence the decline of the predation mortality on shrimp favouring the increase of shrimp stockin the last years.The last assessment (biannual) for this resource was completed, within Scientific Council during autumn 2017. Scientific Council recommended that the fishing mortality for 2018 and 2019 be set as close to zero as possible. The indices of biomass in the 2019 EU survey increase, confirming recent upward trend. The stock size is now well above Blimand it is from 2018 outside the collapse zone defined by the NAFO PA framework. In 2019 thetotal and female biomass indices were9273 and 8486 t respectively.The abundance at age 2 was similar to the estimated in 2018but although recruitment has been weak in the last decade, the recruitment index (age 2) has been increasing since the lowest observed in 2014.Also in 2019 the year-class corresponding to the 2018cohort (pre-recruits) was stronger than in recent years, but it is unclear how this will impact future dynamics. Scientific Council considers that there is sufficient evidence to allow a small amount of directed fishing on this stock. Considering the uncertainty about the future recruitments and the response of the resource to resumed exploitation, Scientific Council advises that the level exploitationin 2020 should not exceed the 25% of 2009 levels(2 640 days). ; Versión ...