U.S. Securities and Exchange Commission

Securities Exchange Act of 1934 

Release No. 55168 / January 25, 2007

Report on Administrative Proceedings 

For Period April 1, 2006 through September 30, 2006 

 Rule 900 of the Commission’s Rule 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 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.
Report on Administrative Proceedings 

for the Period April 1, 2006 through September 30, 2006 

Matters Before the Administrative Law Judges 

04/01/2006 – 

09/30/2006 

10/01/2005– 

03/31/2006 

04/01/2005 – 

09/30/2005

Number pending at start of period 28 39 45 

New matters added during period 47 37 40 

Subtotal 75 76 85 

Dispositions: 

Initial Decisions 10 11(12)1 18 

Other dispositions 

(e.g., settlements, defaults)2 30 37 28 

Total pending at end of period 35 28 39 

Initial Decisions: 

Median age at decision (days) 142 257 174 

 Number issued within guideline 

 or specified time period3 9 8 16 

Matters Before the Commission 

04/01/2006 – 

09/30/2006 

10/01/2005– 

03/31/2006 

04/01/2005 – 

09/30/2005

Review of ALJ Matters4

Number pending at start of period 11 16 12 

New matters added during period 7 5 11 

Subtotal 18 21 23 

Dispositions: 

Opinions 5 8 5 

Other dispositions 

(e.g., dismissals) 1 2 2 

Total pending at end of period 12 11 16 

Opinions: 

Median age at decision (days) 364 227 254 

Number decided within guideline5 0 2 2 

 

1

 One initial decision did not close the case. 

2

 Includes all proceedings disposed of other than by an initial decision, including default orders that dispose of the entire proceeding. 3

 Guideline for matters instituted prior to 7/17/03 is 10 months from institution. Effective 7/17/03, each order instituting proceedings 

includes a time period (120, 210, or 300 days) for issuance of an initial decision, which may be extended by the Commission. 4

 May include review of initial decisions, review of other non-interlocutory ALJ matters, and matters on remand from the Courts of 

Appeals. 5

 Guideline for matters appealed before 7/17/03 is 11 months from filing of appeal. Guideline for matters appealed 7/17/03 or later is 

seven months, or 11 months if the Commission determines that a matter presents unusual complicating circumstances. 
Matters Before the Commission 

04/1/2006 –

09/30/2006 

10/1/2005-

3/31/2006 

04/1/2005 –

09/30/2005

Review of Self-Regulatory Organization Decisions6

Number pending at start of period 14 13 17 

New matters added during period 10 17 7 

Subtotal 24 30 24 

Dispositions: 

Opinions 8 11 9 

Other dispositions 

(e.g., dismissals, remands) 1 5 2 

Total pending at end of period 15 14 13 

Opinions: 

Median age at decision (days) 218 231 221 

Number decided within guidelines7 2 2 2 

04/1/2006- 

09/30/2006 

10/1/2005-

03/31/2006 

04/1/2005 - 

09/30/2005 

Miscellaneous Matters

Interlocutory Motions: 

Number pending at start of period 0 0 0 

Number filed during period 0 1 2 

Number decided during period 0 1 2 

Total pending at end of period 0 0 0 

Median age at decision (days) n/a 14 21 

Number decided within 45 days n/a 1 2 

Stay Requests: 

Number pending at start of period 0 0 0 

Number filed during period 5 4 3 

Number decided during period 5 4 3 

Total pending at end of period 0 0 0 

Median age at decision (days) 9 7 2 

Number decided within guidelines8 3 4 2 

 

6

 May include matters filed pursuant to Section 11A of the Securities Exchange Act of 1934. 7

 Guideline for matters filed before 7/17/03 is 11 months from filing. Guideline for matters filed 7/17/03 or later is seven months, 

 or 11 months if the Commission determines that a matter presents unusual complicating circumstances. 8

 Guideline is either five days or 45 days from the date for opposing the motion, depending on the effective date of the order 

requested to be stayed.