Regulation – what do they actually do?

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I’m thinking of buying a used (2005) JLC from Watchfinder. It is a watch with a complication.
When I enquired about service history they told me the watch has been to their Madrid service centra, which is a Richemont facility( and is certified for JLC) to be "regulated". My question what do they actually do to the watch and how does it compare to a service? The watch comes with a 2-year warranty should issues occur.

Thank you in advance for your replies.

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