Except as provided in subsection (b) of this section, the conflict of interest provisions enacted by a county or municipal corporation under § 5–807 of this subtitle: shall be similar to the provisions of Subtitle 5 of this title; but in accordance with regulations adopted by the Ethics Commission and consistent with the intent of this title, may be modified to the extent necessary to make the provisions relevant to the prevention of conflicts of interest in that jurisdiction. The conflict of interest provisions for elected local officials enacted by a county or municipal corporation under § 5–807 of this subtitle: shall be equivalent to or exceed the requirements of Subtitle 5 of this title; but in accordance with regulations adopted by the Ethics Commission and consistent with the intent of this title, may be modified to the extent necessary to make the provisions relevant to the prevention of conflicts of interest in that jurisdiction.