Atlantic State Coastal Fishery Management Improvement Act of 1992

Atlantic State Coastal Fishery Management Improvement Act of 1992 - Amends the Interjurisdictional Fisheries Act of 1986 (the Act) to require the Atlantic States Marine Fisheries Commission and the appropriate regional fishery management councils to prepare a prioritized list of interjurisdictional fishery resources in need of interstate fishery management plans and to prepare such plans.

Requires affected States to prepare and implement State Implementation Programs. Provides for sanctions for failure to have an approved Program.

Requires Commission review of Program enforcement.

Mandates: (1) if enforcement of the Program is not satisfactory, a moratorium on fishing for the managed resource in that State's coastal waters and suspension of all financial assistance for the State under the Act and the Anadromous Fish Conservation Act; and (2) if a management plan is not enforced, a moratorium on fishing for the managed resource in that State's coastal waters. Imposes civil penalties, including forfeiture of vessels and fish, for moratorium violations.

Requires development of standard data reporting procedures for Commission member States, suspending funding under the Act for failure of a State to adopt the standards.

Encourages the appropriate councils and the Commission to increase the number of jointly prepared interstate fishery plans and Federal fishery plans for managed fishery resources of the Atlantic Ocean.

Provides, after the effective date of an interstate fishery plan, for preparation and implementation of a complementary Federal fishery management plan or regulations applicable to the Exclusive Economic Zone (EEZ). Allows the Federal plan to include a moratorium on EEZ fishing for the managed resource. Continues the Federal plan in effect until the appropriate councils adopt a plan complementing the relevant interstate plan.

Authorizes grants to the Commission and each Atlantic State for: (1) Commission functions under these provisions; and (2) Atlantic States' activities regarding Programs and in collecting and reporting fishery information. Authorizes appropriations.

Amends the Magnuson Fishery Conservation and Management Act (Magnuson Act) to allow sums received as fines, penalties, and forfeitures under this Act to be used for certain storage, care, and other costs as currently provided in the Magnuson Act.