; and (bb) the average daily trade volume of the security is not less than 100,000 shares during a continuous 60-day period; and (II) the end of the 1-year period following the end of the 24-month period described under subclause (I), if the issuer of the security requests the 1-year extension from a venture exchange and the venture exchange elects to provide that extension. (2) Registration (A) In general A person may register (and a national securities exchange may register a listing tier of the exchange) as a national securities exchange solely for the purpose of trading venture securities by filing an application with the Commission pursuant to subsection (a) and the rules and regulations thereunder. (B) Publication of notice The Commission shall, upon the filing of an application under subparagraph (A), publish notice of the filing and afford interested persons an opportunity to submit written data, views, and arguments concerning the application. (C) Approval or denial (i) In general Not later than 90 days after the date on which a notice is published under subparagraph (B), or within such longer period as to which the applicant consents, the Commission shall— (I) by order grant the registration; or (II) institute a denial proceeding under clause (ii) to determine whether registration should be denied. (ii) Denial proceeding (I) In general A proceeding under clause (i)(II) shall— (aa) include notice of the grounds for denial under consideration and opportunity for hearing; and (bb) be concluded not later than 180 days after the date on which the notice is published under subparagraph (B). (II) Order At the conclusion of a proceeding under clause (i)(II), the Commission shall by order grant or deny the registration. (III) Extension The Commission may extend the time for conclusion of a proceeding under clause (i)(II) for a period of not more than 90 days if the Commission— (aa) finds good cause for the extension