This article presents a critical analysis of the Agreement on the Conservation and Sustainable Use of Marine Biological Diversity of Areas Beyond National Jurisdiction (BBNJ Agreement) and the regulation of activities with respect to marine genetic resources, focusing on fish valued for their genetic properties. It argues that a more precise definition of the scope and a more effective implementation of the material exception under Article 10(2) are necessary in order not to undermine the objectives of the BBNJ Agreement and to guarantee its successful implementation. The article first introduces a historical overview of proposals for establishing a material exception for fishing or fishing-related activities under Part II of the BBNJ Agreement. It employs interpretative tools to analyze the scope of application of Article 10(2) and the rights and obligations related to activities involving marine genetic resources derived from fish in areas beyond national jurisdiction. Ultimately, this article concludes that there is an urgent need for a comprehensive and transparent regulatory framework that effectively addresses the entire value chain of fish resources, ensuring that the conservation of marine biological diversity and the equitable distribution of benefits derived from marine genetic resources are prioritized in future BBNJ implementation efforts.