The Board shall, having regard to the following principles, specify by regulations the requirements for the registration of an insolvency professional agency under this Code:—
- promoting the competence and professional standards of insolvency professionals;
- promoting fair, transparent and ethical practices among the members of such agencies;
- compliance with the provisions of this Code;
- promoting effective regulatory mechanism;
- promoting effective corporate governance of insolvency professional agencies; and
- promoting competition amongst insolvency professional agencies.