Council Hears Report of Joint Meeting of the Legal & Technical Commission and the Finance Committee

JAMAICA, Kingston (17 July 2018) - - The Chair of the Legal & Technical Commission, Ms Michelle Walker provided a report on the joint meeting to Council today, at its 239th meeting of the 24th Session.

Ms Walker said the joint meeting between the two organs was very timely and recommended that the process be a regular one so that both organs kept each other updated on the progress made in relation to the development of the draft regulations on exploitation of mineral resources in the Area.

Ms Walker stated that there was no overlap between the competencies of the two organs. The draft regulations was a matter under the competence of the Commission whereas the Committee had exclusive competence to make recommendations to the Council on rules, regulations and procedures on the equitable sharing of financial and other economic benefits derived from activities in the Area.

She said the joint meeting discussed the areas for which both the Commission and the Committee could collaborate as indicated in ISBA/24/C/10 on “Functions of the organs of the Authority in relation to the preparation of rules regulations and procedures on exploitation of mineral resources in the area and in relation to the system of compensation envisaged under article 151(10)of LOSC.”

Ms Walker said the meeting identified a need for a consultative process for which the mechanism for collaboration is still being worked out and this should be kept on the agenda of the respective organs.

 

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ISBA/PR/2018/033