We examine decision-making, shared authority, and pluralism as key characteristics for the effective co-management of natural resources. Drawing on the concept of network governance, we complement this approach by studying localized practices of governance that support existing and compensate for missing aspects in the regulation. The regime of territorial use rights for fisheries (TURF) in Chile is a recognized example of large-scale co-management that has given rise to local organizations that manage and exploit benthic resources. Based on multi-sited qualitative fieldwork across five regions, we analyze practices with respect to two governance objects: the deterrence of illegal fishing and the periodic assessment of the fisheries’ biology fields. Our analysis shows that local fisher organizations have institutionalized informal practices of surveillance and monitoring to fill in the gaps of existing regulations. Although fisher organizations and consultants—the so-called management and exploitation areas for benthic resources (AMERB)—have managed to operate the TURF regime, they depend on the government to enforce regulations and receive public subsidies to cover the costs of delegated governance tasks. We suggest that governance effectiveness could benefit from delegating additional authority to the local level. This would enhance the supervision of productive areas and better adaptation of national co-management regulations to the specific geographical context.