; and (2) by inserting after subsection (c) the following: (d) Treatment of securities listed on a venture exchange Notwithstanding subsection (b), a security is not a covered security pursuant to subsection (b)(1)(A) if the security is only listed, or authorized for listing, on a venture exchange, as defined in section 6(m) of the Securities Exchange Act of 1934. . (c) Sense of Congress It is the sense of the Congress that the Securities and Exchange Commission should— (1) when necessary or appropriate in the public interest and consistent with the protection of investors, make use of the general exemptive authority of the Commission under section 36 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78mm ) with respect to the provisions added by the amendments made by this section; and (2) if the Commission determines appropriate, create an Office of Venture Exchanges within the Division of Trading and Markets of the Commission. (d) Rule of construction Nothing in this section or the amendments made by this section shall be construed to impair or limit the construction of the antifraud provisions of the securities laws, as defined in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) ), or the authority of the Securities and Exchange Commission under those provisions. (e) Effective date for tiers of existing national securities exchanges In the case of a securities exchange that is registered as a national securities exchange under section 6 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78f ) on the date of the enactment of this Act, any election for a listing tier of that exchange to be treated as a venture exchange under subsection (m) of such section shall not take effect before the date that is 180 days after such date of enactment.