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Need for international space regulatory body

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I do not think there is any international organization which has regulatory and / or arbitration authority for present and future disputes and issues related to fair use of space by various nations and firms.

I think such a body is urgently needed because
1. We see a lot of space junk being created from old satellites breaking down or anti-satellite missile test
2. Potential future use of satellites to target ground based locations
3. Potential of deliberating targetting space assets of another nation or firm
4. Compensation if accidental damage to ground or space assets from spatial junk or satellites.

Should such a body be part of UN or ICJ or a separate body altogether. What should be the structure? What should be the rules?

Hope to have a healthy discussion on this topic.
 
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