(a) Each bicounty commission shall adopt regulations relating to conflicts of interest of its employees.
(b) At a minimum, the conflict of interest standards applicable to public officials under Subtitle 5 of this title shall apply to the employees of each bicounty commission.
(c) Each bicounty commission shall file with the Ethics Commission a copy of its regulations relating to conflicts of interest.
(d) Each bicounty commission shall:
(1) prepare an annual report on its conflict of interest issues and regulations during the year covered; and
(2) submit the report to the governing body of each county in which the bicounty commission operates.