; (C) the number of projects needed to ensure diversification of risk; (D) the manner in which funded projects will be defunded if the interim goals of the project are not satisfied; and (E) such other factors related to biomedical translational research project selection as the Secretary determines appropriate. (3) Additional consultations (A) In general In carrying out paragraph (1), the Director of the National Eye Institute may establish any consultative body that the Director determines is necessary to provide for a complete, transparent, and forward-looking selection of projects. (B) Scientific advisers In carrying out paragraph (1), the Director of the National Eye Institute may consult with any group of scientific advisers that the Director determines is necessary. (c) Establishment of milestones (1) In general The Director of the National Eye Institute shall, for each project funded by an eye bond, establish milestones to determine the probability of success or failure for such project. (2) Inclusion in filings The Director of the National Eye Institute shall submit to the issuer of an eye bond the milestones for each project funded from such eye bond, so such milestones may be included in the filings made available by the issuer to the public under section 5(c). (d) Research requirement Translational research carried out under a project funded by an eye bond shall be conducted— (1) in a State; and (2) by an individual or institution that is— (A) chartered in accordance with the laws of that State; and (B) clearly subject to verification of beneficial ownership by the issuer and, upon request, by the Secretary. 7. Inapplicability of certain laws Eye bonds shall not be subject to— (1) section 15G of the Securities Exchange Act of 1934 ( 15 U.S.C. 78o–11 ); (2) except as provided under section 5(c), any registration or disclosure requirement promulgated by the Securities and Exchange Commission