By introducing radical changes to the legal regime set out in Part XI and Annex III of the 1982 Convention, the 1994 Implementation Agreement opened the door for the industrialized countries to ratify the Convention and enabled the International Seabed Authority to come into existence in November 1994. Over the first twenty years of the Authority’s existence, States parties have managed to build a solid and practical legal regime for the Area. Among the major milestones achieved by the Authority are a successful transition from the pioneer regime under resolution II of UNCLOS III, and the establishment of a comprehensive legal framework for regulation of exploration for three kinds of mineral resources in the deep seabed. Among the future challenges for the Authority will be to complete a regulatory regime for exploitation; to continue to strike the right balance between developing the mineral resources of the deep seabed and ensuring effective protection for the marine environment, including by developing comprehensive environmental management plans at regional scale, and to respond to the ongoing international debate over the conservation and management of biodiversity in areas beyond national jurisdiction.