Yes. Instead of our coming to a company on a periodic basis, be it one year, two years, or six months, and kicking the tires, say, to see whether or not things are working properly, it institutes a system whereby the company has an obligation on a day-to-day basis to ask whether they are meeting these regulatory requirements and what system they have in place to ensure that they are meeting them.
Evidence of meeting #3 for Transport, Infrastructure and Communities in the 41st Parliament, 2nd session. (The original version is on Parliament’s site, as are the minutes.) The winning word was company.
A video is available from Parliament.