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The answer to everything is basically TfGM as with TfL in London. The only thing that operators are responsible for is the actual running of the bus services and associated activity (employing drivers, vehicle maintenance etc )
TfGM set out a timetable of sorts within the ITT, this set out desired frequency and should also have covered running time between timing points and PVR. The operator is responsible for rotas themselves.
Basically it is a rehash of previous announcements. Making it easier for non-mayoral authorities to franchise, making the franchise process quicker and removing the current ban on new municipal bus companies.
It does take a while to rebrand a fleet - look at Bee Network services in Manchester. Even the sainted Lothian didn't change to the new livery overnight.