No. MAX5995B has automatic MPS function,. It needs setting the current via resistor on SL pin (connect across SL pin and GND). As for LED pin, it needs connect to GND to sink the current at least.
MAX5995B
Recommended for New Designs
The MAX5995A/MAX5995B/MAX5995C provide a complete interface for a powered device (PD) to comply with the IEEE® 802.3af/at/bt standard in a Power-Over...
Datasheet
MAX5995B on Analog.com
No. MAX5995B has automatic MPS function,. It needs setting the current via resistor on SL pin (connect across SL pin and GND). As for LED pin, it needs connect to GND to sink the current at least.