; and (ii) after registering as a national securities exchange, such election shall be deemed to have been approved by the Commission unless the Commission denies such approval before the end of the 6-month period beginning on the date the Commission received notification of such election. (2) Powers and restrictions A venture exchange— (A) may only constitute, maintain, or provide a market place or facilities for bringing together purchasers and sellers of venture securities; (B) may determine the increment to be used for quoting and trading venture securities on the exchange; (C) shall disseminate last sale and quotation information on terms that are fair and reasonable and not unreasonably discriminatory; (D) may choose to carry out periodic auctions for the sale of a venture security instead of providing continuous trading of the venture security; and (E) may not extend unlisted trading privileges to any venture security. (3) Exemptions from certain national security exchange regulations A venture exchange shall not be required to— (A) comply with any of sections 242.600 through 242.612 of title 17, Code of Federal Regulations; (B) comply with any of sections 242.300 through 242.303 of title 17, Code of Federal Regulations; (C) submit any data to a securities information processor; or (D) use decimal pricing. (4) 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 with respect to the trading of such security 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. (5) 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 an initial public offering of any securities of the issuer