This article uses a longitudinal survey (1999-2005) of commercial stakeholder organizations (CSOs) to assess the development, strengths and weaknesses of New Zealand's fisheries co-management over its first six years. After presenting the current characteristics and activities of CSOs, the institutional analysis and development (IAD) Framework is used to examine the regime. Results show a pattern of strengths and weaknesses with some areas substantially improved since earlier waves of the survey, while other areas have experienced surprising setbacks. These results suggest that in 2005 the regime remained fragile. Finally, New Zealand's recent move towards inshore "Shared Fisheries" management is explored in light of these findings.