After thirty years of functioning, the International Seabed Authority faces the most important moment in its history: the conclusion of the elaboration of the Mining Code, which regulates the exploitation activities in the Area. The Area and its resources are the common heritage of humankind, and the Authority has the mandate of administering its resources for the benefit of humanity. In view of the announcement that an application for a Plan of Work for exploitation will soon be submitted, this chapter analyses the legal and institutional aspects of the Exploitation Regulations still under negotiation. It also considers the potential implications for the Legal and Technical Commission and the Council if they were to make a decision in the absence of a legal framework ensuring the equitable exploitation of the mineral resources of the Area and the effective protection of the marine environment.