Regulation 5B

Every insolvency professional agency registered as on the date of commencement of the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2018, shall comply with regulations 5 and 5A within one year from the date of such commencement.] 18 [6.Self-evaluation. (1) The Governing Board shall evaluate its performance in a financial year within three months of the closure of the year, in the manner decided by it. (2) The insolvency professional agency shall publish a report on self-evaluation referred to in sub-regulation (1) on its website. 7.Compliance Officer. (1) An insolvency professional agency shall designate or appoint a compliance officer who shall be responsible for ensuring compliance with the provisions of the Code and regulations, circulars, guidelines, and directions issued thereunder. (2) The compliance officer shall, immediately and independently, report to the Board any non- compliance of the provisions referred to in sub-regulation (1). 19 [(3) The compliance officer shall submit to the Board, a compliance certificate annually in the format issued by the Board, verifying that the insolvency professional agency has complied with the provisions referred to in sub-regulation (1): 17 Inserted by Notification No. IBBI/2026-27/GN/REG140, 13th May. 2026 (w.e.f. 13-05-2026). 18 Inserted by Notification No. IBBI/Notification No. IBBI/2020-2021/GN/REG068 dated 14th January, 2021 (w.e.f. 14-01-2021). 19 Substituted by Notification No. IBBI/2022-23/GN/REG101 dated 31st October, 2022 (w.e.f. 31-10-2022). The words before substitution stood as “(3) The compliance officer shall submit a compliance certificate to the Board

Provided that the annual compliance certificate shall also be signed by the managing director of the insolvency professional agency.] (4) The Governing Board shall appoint or remove the compliance officer only by means of a resolution passed in its meeting.] annually, verifying that the insolvency professional agency has complied with the provisions referred to in sub- regulation (1): Provided that the annual compliance certificate shall also be signed by the managing director of the insolvency professional agency.”.