From the options given below, select the option which states the correct combination of correct sentences.
I. Each of the participants were required to submit their detailed responses within the stipulated timeframe to ensure procedural compliance.
II. No sooner had the policy been announced than it triggered widespread debate among economists and policy analysts across various institutions.
III. The data derived from multiple independent studies suggests that the underlying assumptions of the model may not hold true under dynamic conditions.
IV. The committee recommended that the proposal be revised in order to align with existing regulatory standards and institutional requirements.