The most recent catches (33,590 t in 2019) are at approximately the MSY level (33,000 t). Under the current levels of catches, the spawning biomass is projected to remain relatively stable, with a high probability of maintaining at or above the SBMSY for the longer term. Nevertheless, the Commission should consider limiting the catches so as not to exceed the 2018 catch level (30,847 t at the time of the assessment) to ensure that the probability of exceeding the SBMSY target reference points in the long term remains minimal (2%). Projections indicate that an increase of 40% or more from 2018 catch levels will likely result in the biomass dropping below the SBMSY level for the longer term (>75% probability). Taking into account the updated information regarding swordfish stock structure (IOTC-2020-WPB18-09), as well as the differential CPUE and biomass trends between regions, the WPB should continue to discuss the swordfish stock assessment model specifications and consider the feasibility of including a multi-stock assessment in 2023. Recognising that there is recurring evidence for localised depletion in the southern regions (particularly the South West) the WPB expresses concern and suggests this should be further monitored.