; and (II) opportunity for hearing, to be concluded not later than 180 days after the date of publication of notice of the filing of the proposed rule change. (ii) Order of approval or disapproval (I) In general Except as provided in subclause (II), not later than 180 days after the date on which notice is published under paragraph (1), the appropriate commission shall issue an order approving or disapproving the proposed rule change that is the subject of the notice. (II) Extension of time period The appropriate commission may extend the period for issuance under clause (I) by not more than 60 days, if— (aa) the commission determines that a longer period is appropriate and publishes the reasons for such determination; or (bb) the customer protection and market integrity authority that filed the proposed rule change consents to the longer period. (C) Standards for approval and disapproval (i) Approval The appropriate commission shall approve a proposed rule change of a customer protection and market integrity authority if the commission finds that the proposed rule change is consistent with law. (ii) Time for approval The appropriate commission may not approve a proposed rule change earlier than 30 days after the date of publication of notice with respect to the proposed rule change under paragraph (1), unless the commission finds good cause for so doing and publishes the reason for the finding. (D) Result of failure to institute or conclude proceedings A proposed rule change shall be deemed to have been approved by the appropriate commission, if— (i) the commission does not approve or disapprove the proposed rule change, or begin proceedings under subparagraph (B), within the period described in subparagraph (A)