2.2.7:Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016.
(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 noncompliance of the provisions referred to in sub-regulation (1).
(3) The compliance officer shall submit a compliance certificate to the Board 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.
(4) The Governing Board shall appoint or remove the compliance officer only by means of a resolution passed in its meeting