The EU regulation goes live in two days.

Everyone's checking their registration numbers.

Almost no one is checking the question that actually decides who carries the loss.

Who is the legal host?

In France, your property management company can register using its own SIRET. The PM is the host.

In Spain, the registration is tied to the owner's land registry record. The owner is the host.

Same regulation. Two completely different liability profiles.

Run a portfolio across both? You have two different businesses pretending to be one.

Here's the scenario nobody's running:

Wednesday, the data starts flowing. An owner forgets to renew a safety certificate. The authority suspends the registration number. Airbnb has 10 working days to take the listing down. 48 hours if it's serious.

You did nothing wrong. You lose the revenue anyway.

Every PMA in Europe needed updating six months ago. Owner-side failure should mean owner-side liability. Lost nights, owner pays.

If your contract doesn't say that, you're not running a property management business. You're absorbing risk you don't own.

What's the line your PMAs actually take on this?