Subject to paragraph (2) of this subsection, a member of a board who is described in § 5–601(d) of this subtitle shall file the statement required by § 5–601 of this subtitle. The member shall be required to disclose the information specified in § 5–607 of this subtitle only as to those interests, gifts, compensated positions, and liabilities that may create a conflict, as described in Subtitle 5 of this title, between the member’s personal interests and the member’s duties on the board. The Ethics Commission shall adopt regulations, subject to the approval of the Administrative, Executive, and Legislative Review Committee, specifying: the information to be disclosed under subsection (a) of this section; and the circumstances under which the information is to be disclosed. The regulations adopted under this subsection shall be based on the experience of the Ethics Commission in: implementing Subtitle 5 of this title; and reviewing statements under this subtitle.