The Platform Operators (Due Diligence and Reporting Requirements) Regulations 2023
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3 Due Diligence and record-keeping
(1) A reporting platform operator must establish and maintain procedures that are designed to— (a) collect information about sellers, (b) collect, where applicable, information about property listings, (c) verify the information collected under sub-paragraphs (a) and (b), and (d) identify reportable sellers in respect of each reportable period. (2) A reporting platform operator must comply with paragraph (1) by applying the due diligence procedures set out in section II of the model rules. (3) A reporting platform operator must keep a record of— (a) the steps taken to comply with this regulation, and (b) the information collected in the course of applying the due diligence procedures referred to in paragraph (2). (4) A reporting platform operator must keep the records required by paragraph (3) for a period of five years beginning with the day after the end of the reportable period to which they relate. (5) For the purposes of paragraph (4), records in respect of a particular seller relate to each reportable period in which the information was— (a) collected, (b) generated, or (c) relied on under section II(F)(3) (reliance on due diligence procedures conducted in respect of previous reportable periods) of the model rules. (6) For the purposes of paragraph (4), records which are not in respect of a particular seller relate to all reportable periods.
3 Due Diligence and record-keeping
(1) A reporting platform operator must establish and maintain procedures that are designed to— (a) collect information about sellers, (b) collect, where applicable, information about property listings, (c) verify the information collected under sub-paragraphs (a) and (b), and (d) identify reportable sellers in respect of each reportable period. (2) A reporting platform operator must comply with paragraph (1) by applying the due diligence procedures set out in section II of the model rules. (3) A reporting platform operator must keep a record of— (a) the steps taken to comply with this regulation, and (b) the information collected in the course of applying the due diligence procedures referred to in paragraph (2). (4) A reporting platform operator must keep the records required by paragraph (3) for a period of five years beginning with the day after the end of the reportable period to which they relate. (5) For the purposes of paragraph (4), records in respect of a particular seller relate to each reportable period in which the information was— (a) collected, (b) generated, or (c) relied on under section II(F)(3) (reliance on due diligence procedures conducted in respect of previous reportable periods) of the model rules. (6) For the purposes of paragraph (4), records which are not in respect of a particular seller relate to all reportable periods.
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