The Draft Proposed Section sets out a new regulatory provision defining scope, objectives and key terms, and establishes obligations for specified persons and organisations. It details required governance arrangements, risk-management controls, record-keeping and reporting duties, and criteria for authorisation and ongoing compliance. The section prescribes procedural requirements for internal policies, audit and assurance, data handling and customer protections, and outlines responsibilities for senior individuals and accountable officers.

The Draft Proposed Section provides supervisory and enforcement powers, including inspection, notice and penalty mechanisms, and specifies coordination with existing legislation and regulatory frameworks. It includes transitional provisions, an implementation timetable and requirements for periodic review and amendment to ensure compliance and effective oversight.