The International Seabed Authority

The international seabed authority has been coming up with these rules for more than a decade. Nauru, the Pacific Island nation, sent a letter to the ISA last year saying it would like to apply for a permit to start mining in two years. Is it the case that no one can go down and exploit this before there are rules? Or is it like, do they have some authority to keep people out until the rules are in place?