Creates a mandatory licensing scheme for operators, with annual fees set by the minister on advice from the new oversight body

Requires all affected parties to submit quarterly compliance reports to the relevant minister within 60 days of each quarter's end

Provides a 12-month transitional period during which existing operators may continue under prior arrangements while seeking a new licence

Requires the minister to table an annual report on the operation of the scheme in each house of parliament by 31 March each year