Each bicounty commission shall adopt regulations relating to conflicts of interest of its employees. At a minimum, the conflict of interest standards applicable to public officials under Subtitle 5 of this title shall apply to the employees of each bicounty commission. Each bicounty commission shall file with the Ethics Commission a copy of its regulations relating to conflicts of interest. On or before April 30 each year, each bicounty commission shall: prepare an annual report on its conflict of interest issues and regulations during the previous calendar year; submit the report to the governing body of each county in which the bicounty commission operates; and publish the report on the website of the bicounty commission; and certify to the Ethics Commission that the bicounty commission is in compliance with the requirements of this section.