As I understand it :-
A separate independent body will have to verify the due diligence.
A register will be kept of all works which are subject to due diligence and are still awaiting verification.
There will also be a register of works which have been verified and are therefore "orphans".
A payment will have to be made for use of the orphan work.
The payment will be held on account of any eventual claims by the copyright holder.
Moral rights will be deemed to have been asserted by the copyright holder of all orphan works.
<b>I don't know what happens to the unclaimed balances which are bound to accumulate.</b>
I really don't know what to make of it. It will not effect me as I have never received any income from my hobby and am unlikely to given the standard of my work
I was at a loss to understand what were the specific benefits of such a scheme. There must be trillions of non orphaned works to choose from; why would you want to use an orpahed work. However there are for example film and photograph archives where the originals are deteriorating and a copy can't be made because the copyright holder cannot be identified. This still seems like a sledgehammer to crack a nut.