; (B) may determine the increment to be used for quoting and trading venture securities on the exchange; (C) may choose to carry out periodic auctions for the sale of a venture security instead of providing continuous trading of the venture security; and (D) may not extend unlisted trading privileges to any venture security. (3) Treatment of certain exempted securities A security that is exempt from registration pursuant to section 3(b) of the Securities Act of 1933 shall be exempt from section 12(a) of this title to the extent such securities are traded on a venture exchange, if the issuer of such security is in compliance with all disclosure obligations of such section 3(b) and the regulations issued under such section. (4) Venture securities traded on venture exchanges may not trade on non-venture exchanges A venture security may not be traded on a national securities exchange that is not a venture exchange during any period in which the venture security is being traded on a venture exchange. (5) Rule of construction Nothing in this subsection may be construed as requiring transactions in venture securities to be effected on a national securities exchange. (6) Definitions For purposes of this subsection: (A) Early-stage, growth company (i) In general The term early-stage, growth company means an issuer— (I) that has not made any registered initial public offering of any securities of the issuer