UNITED STATES SECURITIES AND EXCHANGE COMMISSION 

SECURITIES EXCHANGE ACT OF 1934 

Release No. 84512 / October 31, 2018 

Report on Administrative Proceedings 

For the Period April 1, 2018 through September 30, 2018 

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, 2018 through September 30, 2018 

Matters Before the Administrative Law Judges 

04/01/2018 

09/30/2018

10/01/2017 

03/31/2018

04/01/2017 

09/30/2017

Number pending at start of period 58 101 76 

New matters added during period 1661 1332 1053

Subtotal 224 234 181 

Dispositions: 38 176 80 

 Initial Decisions4 12 56 57 

 Other dispositions 

(e.g., settlements, dismissals)5

 26 120 23 

Total pending at end of period 186 58 101 

Initial Decisions: 136 647 718

 Median age at decision (days) 226 43 69 

 Number issued within 10 months 11 60 66 

 

                                                            

1

 All new matters were initiated pursuant to orders instituting proceedings (OIPs), except 131 matters 

remanded by the Commission on August 22, 2018. 

2 All new matters were initiated pursuant to OIPs, except 109 remands and one Equal Access to Justice 

Act matter.

3 All new matters were initiated pursuant to OIPs.

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

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

7 One Initial Decision closed two cases and nine Initial Decisions did not close the case at that time.

8 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 (Commission Matters) 

04/01/2018 

09/30/2018 

10/01/2017 

03/31/2018

04/01/2017 

09/30/2017

Total Matters9 99 N/A N/A

 Number pending at start of period 0 N/A N/A 

New matters added during period 99 N/A N/A 

Dispositions (Total): 

 Opinions 0 N/A N/A 

 Other dispositions (e.g. dismissals) 0 N/A N/A 

Total pending at end of period 99 N/A N/A

Timing of Dispositions: N/A 

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

 

                                                            

9 This includes administrative proceedings initiated by an order instituting proceedings that set the matter 

down for a hearing before the Commission.
4 

Matters Before the Commission (ALJ Matters) 

04/01/2018 

09/30/2018 

10/01/2017 

03/31/2018

04/01/2017 

09/30/2017

Total Matters10 17 18 18 

 Number pending at start of period 16 14 16 

New matters added during period 1 4 2 

Dispositions (Total): 0 2 4 

 Opinions 0 0 2 

 Other dispositions (e.g. dismissals) 011 2 2 

Total pending at end of period 2 16 14 

 Matters fully briefed at end of period12 1 213 14 

Timing of Dispositions: 

 Median age from close of briefing (days) N/A 141 254 

 Median age at decision (days) N/A 188.5 351.5 

 Number decided within guidelines N/A 2 2 

 

                                                            

10 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. 

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

proceedings that were currently 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 ALJ 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. 

12 For appeals filed after September 27, 2016, the recent amendments to 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. For appeals filed before September 27, 2016, the Rules of Practice provide 

that ordinarily a decision should be issued 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; 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. 

13 On November 30, 2017, the Commission remanded all matters pending before it in which an 

administrative law judge had issued an Initial Decision to the law judge who issued the decision and 

ordered the law judge to take certain actions.
5 

Matters Before the Commission (SRO Matters) 

04/01/2018 

09/30/2018 

10/01/2017 

03/31/2018

04/01/2017 

09/30/2017

Total Matters14 9715 8416 7717

 Number pending at start of period 80 63 49 

New matters added during period 17 21 28 

Dispositions (Total): 12 4 14 

 Opinions 8 2 10 

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

Total pending at end of period 85 80 63 

 Matters fully briefed at end of period18 14 18 9 

Timing of Dispositions: 

 Median age from close of briefing (days) 227 123.5 93.5 

 Median age at decision (days) 277 200 159 

 Number decided within guidelines 10 4 12 

 

                                                            

14 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. 

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

resolution of a related case. 

16 This includes 56 related cases where a party requested that the matter be held in abeyance pending the 

resolution of a related case. 

17 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. 

18 See supra footnote 12. 
6 

Matters Before the Commission (Motions) 

04/01/2018 

09/30/2018 

10/01/2017 

03/31/2018

04/01/2017 

09/30/2017

Interlocutory Motions: 

 Number pending at start of period 0 1 1 

Number filed during period 0 0 1 

Number decided during period 0 119 1 

 Total pending at end of period: 0 0 120

 Media age at decision (days) N/A 306 56 

 Number decided within guidelines21 N/A 0 0 

Stay Motions: 

 Number pending at start of period 1 0 1 

 Number filed during period 2 4 5 

 Number decided during period 3 3 6 

 Total pending at end of period: 0 1 0 

 Median age at decision (days) 14 14 14 

 Number decided within guidelines22 2 2 5 

Motions for Reconsideration 

Number pending at start of period 2 1 0 

Number filed during period 0 2 1 

Number decided during period 123 1 0 

 Total pending at end of period 1 2 1 

                                                            

19 The pending interlocutory motion was resolved as part of an order the Commission issued on 

November 30, 2017. That order also lifted the stay that had been entered in the proceeding in which the 

motion was filed. See supra note 13.

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

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

22 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. 

23 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 11.