Amends the definition of 'eligible entity' to include partnerships and trusts with annual turnover exceeding $10 million

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