UNITED STATES SECURITIES AND EXCHANGE COMMISSION 

SECURITIES EXCHANGE ACT OF 1934 

Release No. 87427 / October 31, 2019 

Report on Administrative Proceedings 

For the Period April 1, 2019 through September 30, 2019 

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, 2019 through September 30, 2019 

Matters Before the Administrative Law Judges 

04/01/2019 

09/30/2019 

10/01/2018 

03/31-2019 

04/01/2018 

09/30/2018

Number pending at start of period 58 186 58 

New matters added during period 71 12 1663

Subtotal 65 187 224 

Dispositions: 22 129 38 

 Initial Decisions4 17 102 12 

 Other dispositions 

(e.g., settlements, dismissals)5

5 27 26 

Total pending at end of period 43 58 186 

Initial Decisions: 1126 137

 Median age at decision (days) 336 111 226 

 Number issued within 10 months 7 103 11 

 

                                                            

1

 New matters were initiated pursuant to orders instituting proceedings (OIPs) assigned to 

The Office of Administrative Law Judges (OALJ) originally except: Bruton/Hope 3-18789 and Bruton 3-

18790 (consolidated, OIPs issued Sept 19, 2018; assigned to OALJ April 11). Amundsen 3-18994 (OIP 

issued Feb 8, 2019; assigned to OALJ April 25). Ascension 3-19024 (OIP issued March 7, 2019; assigned 

to OALJ May 7). Finn 3-17693 (remand Sept 23, 2019). 

2 None of the new matters were initiated pursuant to orders instituting proceedings (OIPs). One matter 

was a remand (Harding Advisory 3-15574 in March). 

3

 All new matters were initiated pursuant to OIPs, except 131 matters remanded by the Commission on 

August 22, 2018. 

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

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

 

6 Ten Initial Decisions did not close the cases at that time. One settlement occurred on September 13, 

2018, and was not included in the last report. 

7

 One Initial Decision did not close the case at that time. 
3 

Matters Before the Commission (Commission Matters) 

04/01/2019 

09/30/2019 

10/01/2018 

03/31/2019

04/01/2018 

09/30/2018

Total Matters8 263 113 99 

 Number pending at start of period 108 1009 0 

New matters added during period 155 13 99 

Dispositions (Total): 

 Opinions 71 1 0 

 Other dispositions (e.g. dismissals) 510 411 0 

Total pending at end of period 18712 108 99 

Timing of Dispositions: 

 Median age at decision (days)13 286 202 N/A 

 

                                                            

8

  This includes administrative proceedings initiated by an order instituting proceedings that commenced 

the proceeding and set the matter down for a hearing before the Commission.

9

 The report for the prior reporting period inadvertently omitted one matter pending at the end of that 

period. 

10 These five matters were resolved by settlement. 

11 These four matters were resolved by settlement. 

12 Opinions may have been issued with respect to some respondents in a matter, but the matter is 

considered pending for purposes of this report until the proceeding is resolved for all respondents. 

13 The median age at decision does not include matters that were resolved by settlement. The age is the 

number of days from the institution of the proceeding to the resolution of the proceeding as to all 

respondents. 
4 

Matters Before the Commission (ALJ Matters) 

04/01/2019 

09/30/2019 

10/01/2018 

03/31/2019 

04/01/2018 

09/30/2018

Total Matters14 6 4 17 

 Number pending at start of period 4 2 16 

New matters added during period 2 2 1 

Dispositions (Total): 0 

 Opinions 0 0 0 

 Other dispositions (e.g. dismissals) 0 0 015

Total pending at end of period 6 4 2 

 Matters fully briefed at end of period16 3 3 1 

Timing of Dispositions: 

 Median age from close of briefing (days) N/A N/A N/A 

 Median age at decision (days) N/A N/A N/A 

 Number decided within guidelines N/A N/A N/A 

 

                                                            

14 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 or where a matter remanded from a Court of Appeals was remanded to the Office of 

Administrative Law Judges 

15 On August 22, 2018, the Commission remanded, among other proceedings, 15 administrative 

proceedings that were pending before the Commission because a petition for review from the Initial 

Decision of an administrative law judge had been filed. The Commission remanded the proceedings to 

the Office of Administrative Law Judges. The Commission ordered that the respondents be provided 

with the opportunity for a new hearing before an OALJ who had not previously participated in the matter. 

The Commission also vacated any prior opinion that it had issued in these matters. The Commission’s 

order also contained instructions regarding the conduct of further proceedings in these matters. 

16 The Rules of Practice provide that ordinarily the Commission will issue a decision within eight months 

from the completion of briefing or ten months in a complex case. The Rules of Practice also require that 

the Commission report both the median age at decision and the median number of days from the 

completion of briefing to decision. 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. 
5 

Matters Before the Commission (SRO Matters) 

04/01/2019 

09/30/2019 

10/01/2018 

03/31/2019 

04/01/2018 

09/30/2018

Total Matters17 58 10918 9719

 Number pending at start of period 39 85 80 

New matters added during period 19 24 17 

Dispositions (Total): 10 70 12 

 Opinions 7 6 8 

 Other dispositions (e.g. dismissals) 3 6420 4 

Total pending at end of period 48 39 85 

 Matters fully briefed at end of period21 35 21 14 

Timing of Dispositions: 

 Median age from close of briefing (days) 357 16022 227 

 Median age at decision (days) 462.5 359.5 277 

 Number decided within guidelines 4 5 10 

 

                                                            

17 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, matters filed pursuant to Section 105(e) of the SarbanesOxley Act of 2002, and remands from a Court of Appeals. 

18 This includes 61 related cases where a party requested that the matter be held in abeyance pending the 

resolution of a related case. 

19 This includes 60 related cases where a party requested that the matter be held in abeyance pending the 

resolution of a related case. 

20 On October 16, 2018, the Commission remanded 57 cases that had been held in abeyance and 

dismissed four other cases after its resolution of the related case that triggered the requests to hold the 

matters in abeyance discussed above. See supra notes 18 and 19. 

21 See supra footnote 16. 

22 This report did not include 60 of the 61 related cases in which a party requested that the matter be held 

in abeyance and that were resolved by the Commission’s October 16, 2018 order discussed above, see 

supra note 20, in its calculation of the median dates. The report included in its calculation of the median 

days the one case in which a stay motion was filed and the Commission took action. 
6 

Matters Before the Commission (Motions) 

04/01/2019 

09/30/2019 

10/01/2018 

03/31/2019 

04/01/2018 

09/30/2018

Interlocutory Motions: 

 Number pending at start of period 1 0 0 

Number filed during period 2 1 0 

Number decided during period 1 0 0 

 Total pending at end of period: 2 1 0 

 Media age at decision (days) 304 N/A N/A 

 Number decided within guidelines23 0 N/A N/A 

Stay Motions: 

 Number pending at start of period 2 0 1 

 Number filed during period 5 224 2 

 Number decided during period 6 0 3 

 Total pending at end of period: 1 2 0 

 Median age at decision (days) 15.5 N/A 14 

 Number decided within guidelines25 3 N/A 2 

Motions for Reconsideration 

Number pending at start of period 1 1 2 

Number filed during period 0 126 0 

Number decided during period 1 1 127

 Total pending at end of period 0 1 1 

                                                            

23 The guideline under Rule 900 is forty-five days from the date for filing the final brief.

24 One of the stay motions was joined by several other parties. This report treats all of the requests for a 

stay of the same Commission order as one stay motion. 

25 The guideline under Rule 900 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. 

26 Several parties requested reconsideration of the same Commission order. Those requests are all treated 

as one motion for reconsideration for the purposes of this report. 

27 The proceeding that was the subject of this motion for reconsideration was remanded as part of the 

Commission’s August 22, 2018 order. See supra note 15.