In June 2023, the Agreement on Biological Diversity Beyond National Jurisdiction (BBNJ Agreement) was adopted in New York after nearly two decades of negotiations, establishing a regulatory framework for activities related to marine genetic resources in areas beyond national jurisdiction. The new regime under Part II of the BBNJ Agreement creates significant theoretical, normative, and institutional 'ruptures' in how international law and the law of the sea promote the governance of fish as a marine living resource. The BBNJ Agreement adopts a conceptual and normative separation between fish caught in fishing activities and fish valued for their genetic properties. While the former is included under Part II only if regulated as 'utilisation' under the BBNJ Agreement, the latter serves as a core component of the objectives to promote equity and the fair and equitable sharing of benefits in areas beyond national jurisdiction. This paper argues that the BBNJ framework recognises the essential role of fish within marine biological diversity in fulfilling the primary objectives of the BBNJ Agreement. Furthermore, it establishes independent obligations for fish valued for their genetic attributes, prioritising the principles of equity and fairness in the allocation and distribution of shared resources.