The Insolvency and Bankruptcy Code, 2016
IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016
Chapter III – Governing Board
Regulation 7: Compliance Officer.
1[7. (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).
2[(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):
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.]
References
1. Inserted by IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2021 vide Notification No. IBBI/2020-2021/GN/REG068 dated 14th January, 2021, w.e.f 14.01.2021.
2. Substituted by IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Second Amendment) Regulations, 2022 vide Notification No. IBBI/2022-23/GN/REG101 dated 31st October, 2022, w.e.f. 31.10.2022, for the sub-regulation:
“(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.”.
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