Marine bioprospecting is the examination of marine genetic material of plants, animals and microorganisms for features that may be of value for commercial purposes. These features may include chemical compounds, genes and their products, or, in some cases, the physical properties of the material in question. One of the principal attributes of bioprospection is the commercialization of the research or the intellectual property derived from the research on marine genetic resources (MGRs). This chapter explores the key challenges for an international treaty under UNCLOS governing access and use of MGRs in areas beyond national jurisdiction, including the deposit of material in biorepositories and mechanisms for sharing of knowledge from research on MGRs, such as a clearing house, and legal requirements for sharing data including gene sequence data and greater participation of researchers from developing countries. Reference is made to the International Treaty on Plant Genetic Resources and the 2010 Nagoya Protocol.