; or (ii) institute proceedings to determine whether registration should be denied. (C) Proceedings (i) In general Proceedings instituted under subparagraph (B)(ii) shall include notice of the grounds for denial under consideration and opportunity for hearing before the joint commissions. (ii) Hearing A hearing described in clause (i) shall be concluded not later than 180 days after the date on which notice of the filing of the application for registration is published under subparagraph (A). (iii) Further proceedings (I) Separate votes At the conclusion of a hearing conducted under this subparagraph, and not later than the end of the 180-day period described in clause (ii), the Securities and Exchange Commission and Commodity Futures Trading Commission, voting separately, shall act to grant or deny the applicable registration. (II) Effect of failure to issue joint order The failure of the Securities and Exchange Commission and Commodity Futures Trading Commission to issue a joint order during the period described in subclause (I) shall be deemed to be a denial of the applicable registration. (D) Considerations With respect to an application for registration described in this paragraph, the Securities and Exchange Commission and Commodity Futures Trading Commission shall— (i) grant registration if all statutory requirements have been met and the rules under those statutory provisions with respect to the applicant are satisfied