U.S. Securities and Exchange Commission

Securities Exchange Act of 1934

Release No. 74850 / April 30, 2015

Report on Administrative Proceedings

For the Period October 1, 2014 through March 31, 2015

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 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 October 1, 2014 through March 31, 2015

Matters Before the Administrative Law Judges

10/01/2014-

03/31/2015

04/01/2014-

09/30/2014

10/01/2013-

03/31/2014

Number pending at start of period 96 69 84

New matters added during period 941 1392 96

Subtotal 190 208 180

Dispositions: 86 112 111

Initial Decisions3 64 86 87

Other dispositions

(e.g., settlements, dismissals)4

22 26 24

Total pending at end of period 104 96 69

Initial Decisions: 64 101 98

Median age at decision (days) 131 40 52

 Number issued within guideline 

 or specified time period

53 89 90

Matters Before the Commission

10/01/2014-

03/31/2015

04/01/2014-

09/30/2014

10/01/2013-

03/31/2014

Review of ALJ Matters5

Number pending at start of period 20 17 17

New matters added during period 11 9 7

Subtotal 31 26 24

Dispositions:

Opinions 5 4 6

Other dispositions 

(e.g., dismissals)

 2 2 1

Total pending at end of period 2 4 20 17

Dispositions:

Median age at decision (days) 399 524 600

Number decided within guidelines6 1 1 0

 1 All new matters were initiated pursuant to Orders Instituting Proceedings, except two which were remanded. 2 All new matters were initiated pursuant to Orders Instituting Proceedings, except five which were remanded. 3 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. 4 Includes all proceedings disposed of other than by an Initial Decision. 5

 May include review of Initial Decisions, matters on remand from the Courts of Appeals, or appeals of actions pursuant to 

delegated authority. Does not include review of ALJ matters where the review is being conducted by an Office other than the 

General Counsel.

6 Guidelines are seven months, or 11 months if the Commission determines that a matter presents unusual complicating 

circumstances.
Matters Before the Commission

10/01/2014-

03/31/2015

04/01/2014-

09/30/2014

10/01/2013-

03/31/2014

Review of Self-Regulatory Organization Decisions7

Number pending at start of period 24 20 15

New matters added during period 20 12 11

Subtotal 44 32 26

Dispositions: 10 8 6

Opinions 7 3 4

Other dispositions 

(e.g., dismissals, remands)

 3 5 2

Total pending at end of period 34 24 20

Dispositions:

Median age at decision (days) 272 199 314

Number decided within guidelines8 3 4 2

10/01/2014-

03/31/2015

04/01/2014-

09/30/2014

10/01/2013-

03/31/2014

Miscellaneous Matters

Interlocutory Motions:

Number pending at start of period 0 0 0

Number filed during period 2 0 39

Number decided during period 2 0 3

Total pending at end of period 0 0 0

Median age at decision (days) 9.5 0 15

Number decided within 45 days 2 0 3

Stay Requests:

Number pending at start of period 0 0 0

Number filed during period 5 6 1

Number decided during period 5 6 1

Total pending at end of period 0 0 0

Median age at decision (days) 37 12 9

Number decided within guidelines10 411 4 1

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

Section 105(e) of the Sarbanes-Oxley Act. 8 Guidelines are seven months, or 11 months if the Commission determines that a matter presents unusual complicating 

circumstances.

9 Two interlocutory petitions included requests to stay the commencement of the administrative hearing. The interlocutory 

petition and stay request were decided in one order for each of these matters. 10 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. 11 The Stay Motion not resolved within the Guidelines was resolved in an Order Dismissing the Proceedings.