The United Nations Convention on the Law of the Sea (UNCLOS) establishes a scheme of sovereignty over parts of the seas. The resources of the seas within state jurisdiction covered by UNCLOS are then accessed and shared according to the scheme set out in the Convention on Biological Diversity (CBD), which relies, in part, on patenting according to the Trade Related Aspects of Intellectual Property Rights Agreement (TRIPs). The key findings of this paper are that patents compliant with TRIPs are unlikely to achieve the objects of sharing the benefits from exploiting the genetic resources of the seas because of the significant gaps in UNCLOS and the failure to take into account broad patent claims by non-residents in benefit sharing arrangements. Consequently, the reliance by the international community on UNCLOS and the CBD for the regulation of benefit sharing, undermines the internationally agreed mandate that the genetic resources of the seas are to be shared and used for the benefit of all.