; (5) an identification of the implications of the use of such system in such processes on— (A) investor protection, capital formation, and market efficiency; and (B) the establishment of international standards; and (6) an assessment of whether the Commission should implement a pilot program to use such system in such processes. (d) Report required (1) In general Not later than 1 year after the date of the enactment of this Act, the Commission shall submit to Congress a report on the findings and determinations of the study required under subsection (a). (2) Update Not later than 1 year after the date on which the report under paragraph (1) is submitted, the Commission shall submit to Congress a report that updates the findings and determinations of the report submitted under such paragraph. (3) Content In submitting the reports required under paragraphs (1) and (2), the Commission may not include confidential information.