Redfish Conservation and Management Act of 1986 - Directs the Secretary of Commerce, within 90 days after the enactment of this Act, to promulgate emergency regulations with respect to the conservation and management of redfish fisheries in the Gulf of Mexico. Extends the effect of such regulations until such time as the Secretary carries out a fishery management plan with respect to such redfish fisheries. Prohibits any fishing for redfish (except for scientific research) in the Gulf of Mexico until such time as the Secretary promulgates the above-mentioned regulations. Directs the Secretary, during FY 1987 and 1988, to conduct a two-year research program on the redfish fisheries in the Gulf of Mexico. Provides civil and criminal penalties, including possible vessel forfeiture, for persons found by the Administrator of the National Oceanic and Atmospheric Administration to have violated the redfish fishing moratorium period. Directs the Administrator to enforce this Act and to monitor the redfish fisheries in the Gulf of Mexico.