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payment orders that are not settled immediately in the entry disposition shall be placed in the queues in accordance with the priority to which they were designated by the relevant participant , as referred to in article 13 .
payment orders that are not settled immediately in the entry disposition shall be placed in the queues in accordance with the priority to which they were designated by the relevant participant , as referred to in article 13 .

the commission analyses the reports and evaluates , also on the basis of its attendance in the actions , the way in which they have been implemented and the impact they have had in order to gauge whether the objectives have been achieved .
the commission analyses the reports and evaluates , also on the basis of its attendance in the actions , the way in which they have been implemented and the impact they have had in order to gauge whether the objectives have been achieved .

(35) moreover, some parties assert that various conflicts of interest could arise if the racing trust would gain ownership of the tote as racing provides various inputs to bookmakers with which they, as owners of the tote, would compete downstream in the betting market.
(35) moreover, some parties assert that various conflicts of interest could arise if the racing trust would gain ownership of the tote as racing provides various inputs to bookmakers with which they, as owners of the tote, would compete downstream in the betting market.

unless instructing participants have indicated the settlement time in the manner described in article 16 , accepted payment orders shall be settled immediately or at the latest by the end of the business day on which they were accepted , provided that sufficient funds are available on the payer 's pm account and taking into account any liquidity limits and liquidity reservations as referred to in articles 14 and 15 .
unless instructing participants have indicated the settlement time in the manner described in article 16 , accepted payment orders shall be settled immediately or at the latest by the end of the business day on which they were accepted , provided that sufficient funds are available on the payer 's pm account and taking into account any liquidity limits and liquidity reservations as referred to in articles 14 and 15 .

the fact that they also — moreover jointly — become active in the downstream market of betting services, competing directly with other betting operators (for which they provide important inputs such as pre-race data and have access to commercially sensitive about these betting operators), may lead to additional distortions of competition.
the fact that they also — moreover jointly — become active in the downstream market of betting services, competing directly with other betting operators (for which they provide important inputs such as pre-race data and have access to commercially sensitive about these betting operators), may lead to additional distortions of competition.

(5) pursuant to the uk authorities, investbx is a completely novel measure, for which there is no precedent. while traditional venture capital funds aim at improving the supply of equity capital, investbx envisages instead to improve the efficiency with which information can circulate on investee companies. investbx will kick-start the creation of an effective local equity market, by connecting companies to investors, offering them a viable, simple, cost effective solution to raising equity, trading their shares and showcasing their activities. this trading facility will be different to traditional stock markets (namely the london stock exchange with its "alternative investment market" — aim) because it will operate through a visible online electronic auction market, matching buyers and sellers at a single price with investment via an online execution-only broker. online auctions will only be carried out a few times per month. at the same time investbx will encourage a longer term view of investing, emphasising the main objective of raising money for smes in the community rather than the ability to frequently trade shares as provided by the existing london based markets.
(5) pursuant to the uk authorities, investbx is a completely novel measure, for which there is no precedent. while traditional venture capital funds aim at improving the supply of equity capital, investbx envisages instead to improve the efficiency with which information can circulate on investee companies. investbx will kick-start the creation of an effective local equity market, by connecting companies to investors, offering them a viable, simple, cost effective solution to raising equity, trading their shares and showcasing their activities. this trading facility will be different to traditional stock markets (namely the london stock exchange with its%quot%alternative investment market%quot% — aim) because it will operate through a visible online electronic auction market, matching buyers and sellers at a single price with investment via an online execution-only broker. online auctions will only be carried out a few times per month. at the same time investbx will encourage a longer term view of investing, emphasising the main objective of raising money for smes in the community rather than the ability to frequently trade shares as provided by the existing london based markets.