UNITED STATES SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934

Release No. 88785 / April 30, 2020

Report on Administrative Proceedings

For the Period October 1, 2019 through March 31, 2020

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 October 1, 2019 through March 31, 2020

Matters Before the Administrative Law Judges

10/01/2019

03/31/2020

04/01/2019

09/30/2019

10/01/2018

03/31/2019

Number pending at start of period 43 58 186

New matters added during period 21 72 13

Subtotal 45 65 187

Dispositions: 19 22 129

Initial Decisions4 125 17 102

Other dispositions

(e.g., settlements, dismissals)6

7 5 27

Total pending at end of period 26 43 58

Initial Decisions: 112

Median age at decision (days) 466 336 111

Number issued within 10 months 3 7 103

 1 The two new case assignments during this period were remands: Feathers, No. 3-15755, and Harris, No. 3-17874. 

The Office of Administrative Law Judges received no new assignments initiated by orders instituting proceedings 

during this period.

2

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).

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

remand (Harding Advisory 3-15574 in March). 

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 case was closed by the issuance of two initial decisions on the same day, but it is counted only once under 

dispositions and selected statistics.

6 Includes all proceedings disposed of other than by an Initial Decision.
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Matters Before the Commission (Commission Matters)

10/01/2019

03/31/2020

04/01/2019

09/30/2019

10/01/2018

03/31/2019

Total Matters7 228 263 113

Number pending at start of period 187 108 1008

New matters added during period 41 155 13

Dispositions (Total):

Opinions 13 71 1

Other dispositions (e.g. dismissals) 209 510 411

Total pending at end of period 195 18712 108

Timing of Dispositions:

Median age at decision (days)13 206.5 286 202

 7 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.

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

9 Fifteen of these matters were resolved by settlement.

10 These five matters were all resolved by settlement.

11 These four matters were all 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.
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Matters Before the Commission (ALJ Matters)

10/01/2019

03/31/2020

04/01/2019

09/30/2019

10/01/2018

03/31/2019

Total Matters14 11 6 4

Number pending at start of period 6 4 2

New matters added during period 5 2 2

Dispositions (Total):

Opinions 0 0 0

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

Total pending at end of period 11 6 4

Matters fully briefed at end of period15 6 3 3

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 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 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.
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Matters Before the Commission (SRO Matters)

10/01/2019

03/31/2020

04/01/2019

09/30/2019

10/01/2018

03/31/2019

Total Matters16 61 58 10917

Number pending at start of period 48 3 85

New matters added during period 13 19 24

Dispositions (Total): 5 10 70

Opinions 4 7 6

Other dispositions (e.g. dismissals) 1 3 6418

Total pending at end of period 56 48 39

Matters fully briefed at end of period19 43 35 21

Timing of Dispositions:

Median age from close of briefing (days) 354 357 16020

Median age at decision (days) 46 462.5 359.5

Number decided within guidelines 2 4 5

 16 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 Sarbanes-Oxley Act of 2002, and 

remands from a Court of Appeals.

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

of a related case.

18 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 note 17.

19 See supra note 15.

20 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 18, 

in its calculation of the median dates. The report included in its calculation of the median dates the one case in 

which a stay motion was filed and the Commission took action.
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Matters Before the Commission (Motions)

10/01/2019

03/31/2020

04/01/2019

09/30/2019

10/01/2018

03/31/2019

Interlocutory Motions:

Number pending at start of period 2 1 0

Number filed during period 0 2 1

Number decided during period 1 1 0

 Total pending at end of period: 1 2 1

Media age at decision (days) 133 304 N/A

Number decided within guidelines21 0 0 N/A

Stay Motions:

Number pending at start of period 1 2 0

Number filed during period 1 5 222

Number decided during period 2 6 0

 Total pending at end of period: 0 1 2

Median age at decision (days) 175.5 15.5 N/A

Number decided within guidelines23 1 3 N/A

Motions for Reconsideration

Number pending at start of period 0 1 1

Number filed during period 0 0 124

Number decided during period 0 1 1

 Total pending at end of period 0 0 1

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

22 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.

23 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.

24 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.