N OF - isa.org.jm

1 INFORMD elegateAut 1. ThSeabed Aheld in Kin2. ThCommittethe CommFinance Cmineral readministr3. Thtwenty fo(Norway) India (AsiaStates) as4. Thbusiness oEastern EEach of thalso a Cre5. Thregional gPresidentthe Secre6. ThTechnical by the 198 Implemensequentia ATION NOTEes are encourthority s Papehis informatiouthority of thngston, Jamahe Legal and ee will also mmittee on 13 JCommittee in esources in thative fees, tohe Council heourth session as President a Pacific States Vice Presidehe Assembly on Friday.

2 27 uropean Stathe other regioedentials Comhe secretariagroups can cots of the Assetary Generalhis note outliCommission 82 United Nantation of Parally by differeE ON MATTERTHE 2aged to take er Smart Portstatemeon note has bhe work of theica from 2 to Technical Coeet from 9 toJuly 2018 follomatters relathe Area, and gether with teld 10 meetinfrom 16 to 20of the Counces), Poland (Eents for the twwill formally July 2018. Mes Group to nonal groups wmmittee to beat would be goordinate on embly in adva.

3 Nes the mainand Finance ations Convenrt XI of the Cont organs of tRS BEFORE THINTERNATIO2 to 27 July 20their electrotal which proents and meebeen preparede Authority at27 July 2018mmission wilo 12 July. A joowing the Coting to the dein particular tthe developmngs from 5 to 0 July 2018. Icil, together wEastern Europwenty fourth convene for tembers of thnominate a cawill be entitled appointed. grateful, in orthe issue of cance of the sen issues for coCommittee dntion on the Lonvention, a nthe Authority1 HE SECOND PAONAL SEABED018, Kingstononic device toovides secure eting related d to inform mt its forthcom.

4 L hold its meeint meeting wouncil s requeevelopment othe payment ment of equita9 March 2018n March 2018with the reprepean States) asession (ISBAthe first timee Authority aandidate for td to nominateder to facilitacandidaturesession, and toonsideration bduring July 20 Law of the Seanumber of suy before a finaART OF THE TD AUTHORITYn, Jamaica o the meetingweb based and ming twenty fetings, from 2will be held beest that the Coof the draft remechanism aable sharing c8 and will res8, the Counciesentatives ofand Brazil (LaA/24/C/8).

5 On Monday, are reminded the Presidence a Vice Presate the smoos for the posito communicaby the Assem018. It is impoa and the 199bstantive maal decision onTWENTY FOUY gs so that theaccess to doc. observers offourth session2 to 13 July, 2etween the Commission coegulations on and, more spcriteria (ISBA/sume its meetil elected Olavf C te d Ivoirtin American23 July 2018 that it is the cy of the Asseident of the Aoth running otions of Presiate the same bly, Council, ortant to note94 Agreemenatters will be cn them can beURTH SESSIOey can use thecuments, f the Internatn scheduled t2018.)

6 The FinaCommission aollaborate witexploitation ecifically, /24/C/8). tings of the v Myklebust e (African Sta and Caribbea8 and completturn of the embly in 2018 Assembly. Theof the sessionident and Victo the OfficeLegal and e that, as requnt relating to tconsidered e taken. The N OF e ional to be ance and th the of ates), an te its 8. ere is n, if ce e of uired the 2 agenda of the Council and the Commission and provisional agendas for the Finance Committee and Assembly, and the indicative programme of work, which are attached to this note, are designed with this consideration in mind.

7 I. FINANCE COMMITTEE 7. The Finance Committee will review the implementation of the budget and the audited financial statements for the financial period 2017, together with the audit report prepared by Ernst & Young. The Committee will also consider the implementation of cost saving measures, including those relating to conference services, and the status of the Working Capital Fund (ISBA/24/FC/2), the Endowment Fund and of the Voluntary Trust Funds. The Committee will also review the status of implementation of the International Public Sector Accounting Standards (IPSAS).

8 8. The Committee will commence its consideration of the rules, regulations and procedures on the equitable sharing of financial and other economic benefits derived from activities in the Area pursuant to section 9, paragraph 7 (f), of the annex to the 1994 Agreement. 9. The Committee will deliberate on the proposed budget for the financial period 2019 2020 as well as the indicative scale of assessments. The Committee will also consider a report on the status of overhead charges for the administration and supervision of contracts for exploration and their reflection of costs actually and reasonably incurred (ISBA/24/FC/3).

9 10. A provisional agenda for the Finance Committee has been made available (ISBA/24/ ). II. LEGAL AND TECHNICAL COMMISSION 11. The Legal and Technical Commission held its first part of the twenty fourth session from 12 to 23 March 2018; the second part will take place from 2 to 13 July 2018. 12. In March 2018, the Commission adopted its agenda (ISBA/24/LTC/1) and elected its Chair (Michelle Walker) and Vice Chair (Harald Brekke). The Commission devoted a considerable amount of time on the priority item of consideration and adoption of draft regulations for exploitation of mineral resources in the Area, including the requests made by the Council in this respect as contained in the Statement of the President of the Council on the work of the Council on the first part of the 24th session (ISBA/24/C/8).

10 The Commission also considered other agenda items including the status of contracts, implementation of training programmes and allocation of training opportunities, additional measures to improve efficiency in the current process for reviewing annual reports, the review of the Recommendations for the guidance of Contractors for the assessment of the possible environmental impacts arising from exploration for marine minerals in the Area, option of offering an equity interest in a joint venture arrangement, issues relating to the operation of the Enterprise and the implementation of the data management strategy of the Authority.