Under Regulation 13(3) of the Money Laundering Regulations 2007, companies whose securities are listed on a regulated market are eligible for simplified due diligence (SDD). This means that Michael would need to obtain evidence that the company is eligible for SDD. However, he should still consider the risk-based approach required by Regulation 7. If the company had previously been investigated or prosecuted for money laundering, a higher standard of due diligence may be necessary. 

Key Point: This question examines the application of simplified customer due diligence for listed companies under the Money Laundering Regulations 2007. Solicitors must understand when SDD is applicable and consider risk-based factors when determining the appropriate level of due diligence.