; and (bb) publishes the reasons for the finding described in item (aa) or for such longer period as to which the applicant consents. (iii) Criteria for approval or denial The Commission shall— (I) grant a registration under this paragraph if the Commission finds that the requirements of this Act and the rules and regulations thereunder with respect to the applicant are satisfied; and (II) deny a registration under this paragraph if the Commission does not make the finding described in subclause (I). (3) Powers and restrictions In addition to the powers and restrictions otherwise applicable to a national securities exchange, 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 not extend unlisted trading privileges to any venture security; (C) may only, if the venture exchange is a listing tier of another national securities exchange, allow trading in securities that are registered under section 12(b) on a national securities exchange other than a venture exchange; and (D) may, subject to the rule filing process under section 19(b)— (i) determine the increment to be used for quoting and trading venture securities on the exchange; and (ii) choose to carry out periodic auctions for the sale of a venture security instead of providing continuous trading of the venture security. (4) Treatment of certain exempted securities A security that is exempt from registration pursuant to section 3(b) of the Securities Act of 1933 ( 15 U.S.C. 77c(b) ) shall be exempt from section 12(a) of this Act to the extent the security is traded on a venture exchange, if the issuer of the security is in compliance with— (A) all disclosure obligations of such section 3(b) and the regulations issued under such section