; and (2) may be demonstrated through— (A) third-party valuation; (B) independent financing of the acquisition based upon the assets acquired; or (C) full and open competition in the acquisition, as such term is defined in section 2.101(b) of title 48, Code of Federal Regulations, as in effect on the date of the enactment of the PROTECT Students Act of 2019 , of services or assets. (e) Publication (1) Application Before the Secretary may approve the conversion of an institution of higher education under subsection (a), the Secretary shall publish the application of the institution in the Federal Register with a notice and comment period of not less than 60 days. (2) Determination The Secretary shall publish each determination on an application for conversion under this section, and the reasons for such determination, in the Federal Register. (f) Tax exempt status In carrying out this section, the Secretary may consider the nonprofit corporation status under State law or the tax exempt status of an institution of higher education under section 501(c)(3) of the Internal Revenue Code of 1986, but shall not use such statuses as the sole determining factor for approval under subsection (a). (g) Public representation and marketing of nonprofit status A for-profit institution of higher education that receives assistance under title IV that is seeking to convert under this section shall not promote or market itself, in any manner, as a nonprofit institution of higher education until— (1) the Secretary has approved the conversion of the institution to a nonprofit institution under this section; (2) the Commissioner of Internal Revenue has approved the institution as tax exempt for purposes of the Internal Revenue Code of 1986 and the institution is an organization described in clause (ii) or (vi) of section 170(b)(1)(A) of such Code