; and (ii) give interested persons an opportunity to submit written data, views, and arguments concerning that proposed rule change; (C) no proposed rule change described in subparagraph (A) shall take effect unless approved by the appropriate commission or otherwise permitted in accordance with the provisions of this subsection; and (D) no proposed rule change described in subparagraph (A) relating to a matter under the jurisdiction of more than 1 commission may be filed. (2) Approval process (A) Approval process established (i) In general Except as provided in clause (ii), not later than 30 days after the date on which notice of a proposed rule change is published under paragraph (1), the appropriate commission shall— (I) by order, approve or disapprove the proposed rule change; or (II) institute proceedings under subparagraph (B) to determine whether the proposed rule change should be disapproved. (ii) Extension of time period The appropriate commission may extend the period established under clause (i) by not more than an additional 30 days, if— (I) the commission determines that a longer period is appropriate and publishes the reasons for that determination; or (II) the customer protection and market integrity authority that filed the proposed rule change consents to a longer period. (B) Proceedings (i) Notice and hearing If the appropriate commission does not approve or disapprove a proposed rule change under subparagraph (A), the commission shall provide to the customer protection and market integrity authority that filed the proposed rule change— (I) notice of the grounds for disapproval under consideration