(6)in Article 50, paragraphs 4, 5 and 6 are replaced by the following:‘4.The competent national authorities designated in accordance with Regulation (EU) No 596/2014 and Directive (EU) 2015/849 by the Member States where the persons referred to in paragraph 1 are established shall be responsible for monitoring and enforcing compliance by such persons with the conduct rules set out in paragraphs 2 and 3, including the handling of any complaints made for non-compliance with such conduct rules.5.The persons referred to in paragraph 1 shall fulfil the following conditions:
(a)they are of sufficiently good repute and sufficiently experienced as to ensure proper respect of the conduct rules provided for in paragraphs 2 and 3;
(a)its competent national authorities have at their disposal investigative powers and sanctions that are effective, proportionate and dissuasive;
(b)they have put in place the necessary processes and checks to manage conflicts of interest and to serve the best interests of their clients;
(b)a mechanism is established for the handling of complaints and to allow its competent national authorities to prohibit the persons referred to in paragraph 1 from bidding on behalf of clients where those persons have seriously and systematically breached their obligations under paragraphs 2, 3 and 5.’
(d)they comply with any other measures deemed necessary having regard to the nature of the bidding services being offered and the level of sophistication of the clients in question in terms of their investor or trading profile as well as any risk-based assessment of the likelihood of money laundering, terrorist financing or criminal activity.
6.The competent national authorities of the Member State where the persons referred to in paragraph 1 are established shall monitor and enforce the conditions set out in paragraph 5. The Member State shall ensure that:.