Negotiations are currently underway for a new international legally binding instrument (ILBI) under the United Nations Convention on the Law of the Sea (UNCLOS) for the conservation and sustainable use of marine biodiversity beyond national jurisdiction (BBNJ). The General Assembly has authorised negotiations on four elements of a “package”. One part of the package is the legal framework for the exploitation of marine genetic resources (MGRs) in areas beyond national jurisdiction. The precise definition of MGRs is currently subject to negotiation, but the Convention on Biological Diversity defines genetic material as any material of plant, animal, microbial or other origin containing functional units of heredity. Genetic resources are genetic material of actual or potential value. It should be noted that the MGRs regime is unlikely to apply to fish caught as a commodity for food or other uses such as fish meal.