U.S. Securities and Exchange Commission

Securities Exchange Act of 1934

Release No. 81984 / October 31, 2017

Report on Administrative Proceedings

For the Period April 1, 2017 through September 30, 2017

Rule 900 of the Commission’s Rules of Practice (17 CFR 201.900) requires the 

Commission’s Secretary to issue a six-month status report on the Commission’s 

administrative proceedings caseload.

The attached report identifies the number of matters pending before the 

administrative law judges and the Commission at the beginning of the six-month period; the 

number of matters instituted, filed, and disposed of during the period; and the number 

pending at the end of the period. For each category of decision, the report shows the median 

age of the matters at the time of decision, the median age at the close of briefing, and the 

number of matters decided within the guidelines in Rule 900 for the timely completion of 

adjudicatory proceedings or within the time specified in orders instituting proceedings for 

issuance of an initial decision, or any extension granted by the Commission. Finally, the 

report includes data from the previous two six-month periods.
2

Report on Administrative Proceedings

for the Period April 1, 2017 through September 30, 2017

Matters Before the Administrative Law Judges

04/01/2017-

09/30/2017

10/01/2016-

03/31/2017

04/01/2016-

09/30/2016

Number pending at start of period 76 84 78

New matters added during period 1051 802 923

Subtotal 181 164 170

Dispositions: 80 88 86

Initial Decisions4 57 585 62

Other dispositions

(e.g., settlements, dismissals)6

23 30 24

Total pending at end of period 101 76 84

Initial Decisions: 717 62 70

Median age at decision (days) 69 57 57.5

 Number issued within guideline 

 or specified time period

 66 55 65

 1 All new matters were initiated pursuant to orders instituting proceedings (OIPs).

2 All new matters were initiated pursuant to OIPs, except for two matters, one of which was a Rule 102(e) proceeding and one 

was pursuant to Rule 258(b)(2) of the General Rules and Regulations under the Securities Act of 1933.

3 All new matters were initiated pursuant to OIPs, except for two matters, one of which was a Rule 102(e) proceeding and one 

was a remand.

4 An Initial Decision may be issued as to some or all respondents in a matter. Until an Initial Decision or other disposition has 

been rendered for all respondents, the matter will not be closed.

5 One Initial Decision closed four consolidated cases. One Initial Decision closed two consolidated cases.

6 Includes all proceedings disposed of other than by an Initial Decision.

7 Three Initial Decisions closed more than one case each; other Initial Decisions did not close the case at the time of the Initial 

Decision; some cases generated more than one Initial Decision.
3

Matters Before the Commission (ALJ Matters)

04/01/2017-

09/30/2017

10/01/2016-

03/31/2017

04/01/2016-

09/30/2016

Total Matters8

 Number pending at start of period

18

16

26

219

34

24

 New matters added during period 2 5 10

Dispositions (Total): 4 10 14

Opinions 2 9 12

Other dispositions (e.g., dismissals) 2 1 2

Total pending at end of period

 Matters fully briefed at end of period10

 14

 14

16

13

20

15

Timing of Dispositions:

 Median age from close of briefing (days) 254 143.5 194

Median age at decision (days) 351.5 263.5 586

Number decided within guidelines 2 6 5

 8 This includes petitions for review of Initial Decisions and remands from a Court of Appeals but not matters where the review is 

being conducted by a Division or Office other than the Office of the General Counsel.

9 After the conclusion of the prior reporting period, the Commission determined to construe a filing that was received from a pro 

se respondent in September 2016 as a petition for review of an Initial Decision.

10 For appeals filed after September 27, 2016, the recent amendments to the Rules of Practice require the Commission to issue 

a decision within eight months from the completion of briefing or ten months in a complex case. For appeals filed before 

September 27, 2016, the Rules of Practice require a decision within seven months from the date of the appeal or eleven 

months if the matter presents unusual complicating circumstances. The amended rules require that the Commission report 

both the median age at decision and the median days from the completion of briefing to decision, and as a result, this report

contains both calculations, as well as the total number of matters fully briefed at the conclusion of the reporting period. 
4

Matters Before the Commission (SRO Matters)

04/01/2017-

09/30/2017

10/01/2016-

03/31/2017

04/01/2016-

09/30/2016

Total Matters11

 Number pending at start of period

7712

49

 6313

46

6114

41

 New matters added during period 28 17 20

Dispositions (Total): 14 14 15

Opinions 10 12 14

Other dispositions (e.g., dismissals) 4 2 1

Total pending at end of period

 Matters fully briefed at end of period15

63

9

49

7

46

8

Timing of Dispositions:

 Median age from close of briefing (days) 93.5 107 65

Median age at decision (days) 159 160.5 163

Number decided within guidelines 12 12 10

 11 This includes matters filed pursuant to Section 11A of the Securities Exchange Act of 1934, Section 19(d) of the Securities 

Exchange Act of 1934, and matters filed pursuant to Section 105(e) of the Sarbanes-Oxley Act of 2002.

12 This includes 45 related cases that the parties requested be held in abeyance pending the resolution of a related case and 

that remain in abeyance at the end of this reporting period.

13 This includes 38 related cases that the applicant requested be held in abeyance pending the resolution of a related case and 

that remain in abeyance at the end of this reporting period.

14 This includes 32 related cases that the applicant requested be held in abeyance pending the resolution of a related case.

15 See supra footnote 10.
5

Matters Before the Commission (Motions)

04/01/2017-

09/30/2017

10/01/2016-

03/31/2017

04/01/2016-

09/30/2016

Interlocutory Motions:

Number pending at start of period 1 0 0

Number filed during period 1 1 2

Number decided during period 116 0 2

Total pending at end of period 56 1 0

Median age at decision (days) 0 40

Number decided within guidelines17 0 2

Stay Motions:

Number pending at start of period 1 0 1

Number filed during period 5 4 12

Number decided during period 6 3 1318

Total pending at end of period 0 1 0

Median age at decision (days) 14 19 14

Number decided within guidelines19 5 2 11

Motions for Reconsideration

 Number pending at start of period

 Number filed during period

 Number decided during period

 Total pending at end of period 

0

1

0

1

0

0

0

0

1

1

2

0

 16 The proceeding in which the pending interlocutory motion was filed is currently stayed.

17 Guideline is forty-five days from the date for filing the final brief.

18 One stay motion was resolved by the Commission issuing a corrected order imposing remedial sanctions.

19 Guideline is either five days or forty-five days from the date for opposing the motion, depending on the effective date of the 

order requested to be stayed.