; (2) except as provided under section 5(c), any registration or disclosure requirement promulgated by the Securities and Exchange Commission; and (3) section 13 of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1851 ). 8. Reports (a) GAO study and reports on other research projects (1) Ongoing study The Comptroller General of the United States shall carry out an ongoing study to consider whether a program similar to the Eye Bond Pilot Program under this Act should be established for other biomedical research projects. (2) Report The Comptroller General shall, during the period beginning on the date of the establishment of the Program and ending on the termination date of the Program, issue a report to the applicable congressional committees, not less frequently than annually, on all findings and determinations made in carrying out the study required under paragraph (1). (b) Reports on the Program Not later than 2 years after the date on which eye bonds are first issued under this Act, and annually thereafter during the period ending on the date that is 4 years after the date on which eye bonds are first issued under this Act, the Comptroller General and the Director of the National Institutes of Health (in consultation with the Director of the National Center for Advancing Translational Sciences) shall each issue a separate report to the applicable congressional committees on— (1) the progress of the issuance of eye bonds; (2) the reasons for any problems achieving desired volumes of eye bonds or the ability of the Program to proceed at a faster pace; (3) an analysis of the risk to the Government in providing the Federal guarantee described under section 4(b); (4) any improvements to eye bonds that the Secretary should consider