; and (B) ongoing disclosure obligations of the applicable venture exchange that are similar to those provided by an issuer under tier 2, as described in sections 230.251 through 230.263 of title 17, Code of Federal Regulations, or any successor regulation. (5) 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. (6) Commission authority to limit certain trading The Commission may limit transactions in venture securities that are not effected on a national securities exchange as appropriate to promote efficiency, competition, capital formation, and to protect investors. (7) Disclosures to investors The Commission shall issue regulations to ensure that persons selling or purchasing venture securities on a venture exchange are provided disclosures sufficient to understand— (A) the characteristics unique to venture securities; and (B) in the case of a venture exchange that is a listing tier of another national securities exchange, that the venture exchange is distinct from the other national securities exchange. (8) Rule of construction Nothing in this subsection may be construed as requiring transactions in venture securities to be effected on a national securities exchange. . (b) Securities Act of 1933 Section 18 of the Securities Act of 1933 ( 15 U.S.C. 77r ) is amended— (1) by redesignating subsection (d) as subsection (e)