A monkfish (Lophius gastrophysus) fishery developed in southern Brazil during 2001 through the multispecific deep-water operations (>100 m depth) of a national trawling fleet and through the gill net fishing operations conducted by a specialized chartered foreign fleet. Due to the increasing interest in such resource, the Department of Fishing and Aquaculture (Ministry of Agriculture) launched a management initiative that included (a) the collection of biological and technological information, (b) the assessment of the stock and the fishery, (c) the public debate of these assessments with the Brazilian fishing industry, government and scientists and, finally, (d) the definition of management actions for the 2002 fishing season within a Permanent Committee established for the management of deep-water demersal resources (Ministry of Agriculture). The present work summarizes this management initiative mostly conducted by CTTMar-UNIVALI fishery science group under a scientific cooperation program with the Ministry of Agriculture. It includes a diagnosis of the monkfish fishery in 2001, a description of procedures and criteria adopted for the estimate of the resource sustainable levels of exploitation and, finally, a list of objective recommendations as subsidies to the definition of the management actions for the 2002 fishing season. Lastly a public presentation and debate of the information raised and the proposed recommendations is described as the culmination of a dynamic and participative unseen process of fishing management in Brazil.