In accordance with this section, a school board: may adopt financial disclosure regulations applicable to officials and employees of that school system; and shall adopt financial disclosure regulations applicable to members of the school board. The regulations adopted under paragraph (1)(i) of this subsection shall apply to: the superintendent of that school system; and those other officials and employees of that school system designated by the school board, subject to subparagraph (iii) of this paragraph. The regulations adopted under paragraph (1)(ii) of this subsection shall apply to: each member of the school board; and if the school board is an elected board under Title 3, Subtitle 1, Part III of the Education Article, each candidate for election to the school board. The regulations may not apply to a classroom teacher unless the teacher has additional duties, not normally expected of classroom teachers, that cause the teacher for other reasons to be covered by the financial disclosure regulations. Except as provided in subsection (c) of this section, the regulations adopted under subsection (a)(1)(i) of this section: shall be similar to the provisions of Subtitle 6 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 regulations relevant to the prevention of conflicts of interest in that school system. The regulations adopted under subsection (a)(1)(ii) of this section: shall be equivalent to or exceed the requirements of Subtitle 6 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 regulations relevant to the prevention of conflicts of interest in that school system. This section does not compel a school board to require an individual to file a financial disclosure statement except: when the personal interest of the individual will present a potential conflict with the public interest in connection with an anticipated public action of the individual; and at least annually to report on gifts received by the individual. The regulations adopted under subsection (a)(1)(i) of this section shall require that a statement filed under subparagraph (i)1 of this paragraph be filed sufficiently in advance of the public action to provide adequate disclosure to the public. The regulations adopted under subsection (a)(1)(ii) of this section shall require that a statement filed by a member of a school board be filed on or before April 30 of each year. Except as provided for a school board member under this part, unless a school board adopts and maintains financial disclosure regulations under this subtitle, the provisions enacted by the county under § 5–809 of this subtitle shall apply to: the superintendent of that school system; and the other officials and employees of the school system designated by the governing body of that county.