; and (3) in section 3(a), by adding at the end the following: (82) Chief economist The term Chief Economist means the Director of the Division of Economic and Risk Analysis, or an employee of the Commission with comparable authority, as determined by the Commission. . 814. Applicability of notice and comment requirements of the Administrative Procedure Act to guidance voted on by the Commission The Securities Exchange Act of 1934 ( 15 U.S.C. 78a et seq.) is amended by inserting after section 4H, as added by this Act, the following: 4I. Applicability of notice and comment requirements of the Administrative Procedure Act to guidance voted on by the Commission The notice and comment requirements of section 553 of title 5, United States Code, shall also apply with respect to any Commission statement or guidance, including interpretive rules, general statements of policy, or rules of Commission organization, procedure, or practice, that has the effect of implementing, interpreting, or prescribing law or policy and that is voted on by the Commission. . 815. Limitation on pilot programs (a) In general Section 4 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78d ), as amended by section 371(e), is further amended by adding at the end the following: (k) Limitation on pilot programs (1) In general Any pilot program established by self-regulatory organizations, either individually or jointly, and filed with the Commission, including under section 11A or 19, shall terminate after the end of the 5-year period beginning on the date that the Commission approved such program, unless the Commission issues a rule to permanently continue such program or approves such program on a permanent basis. (2) Extension With respect to a particular pilot program described under paragraph (1), the Commission may extend the 5-year period described under such paragraph for an additional 3 years if the Commission determines such extension is necessary or appropriate in the public interest or for the protection of investors. (3) Lack of