U.S. Securities and Exchange Commission

Securities Exchange Act of 1934

Release No. 76299 / October 29, 2015

Report on Administrative Proceedings

For the Period April 1, 2015 through September 30, 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 April 1, 2015 through September 30, 2015

Matters Before the Administrative Law Judges

04/01/2015-

09/30/2015

10/01/2014-

03/31/2015

04/01/2014-

09/30/2014

Number pending at start of period 104 96 69

New matters added during period 1321 942 1393

Subtotal 236 190 208

Dispositions: 146 86 112

Initial Decisions4 112 64 86

Other dispositions

(e.g., settlements, dismissals)5

 34 22 26

Total pending at end of period 90 104 96

Initial Decisions: 129 64 101

Median age at decision (days) 44 131 40

 Number issued within guideline 

 or specified time period

120 53 89

Matters Before the Commission

04/01/2015-

09/30/2015

10/01/2014-

03/31/2015

04/01/2014-

09/30/2014

Review of ALJ Matters6

Number pending at start of period 277 20 17

New matters added during period 7 11 9

Subtotal 34 31 26

Dispositions:

Opinions 10 5 4

Other dispositions 

(e.g., dismissals)

 4 2 2

Total pending at end of period 20 24 20

Dispositions:

Median age at decision (days) 270 399 524

Number decided within guidelines8 9 1 1

 1 All new matters were initiated pursuant to Orders Instituting Proceedings, except for six matters, of which four were 

remanded, one was by an Equal Access to Justice Act motion, and one was by an Order Denying Motion to Lift Temporary 

Suspension. 2 All new matters were initiated pursuant to Orders Instituting Proceedings, except two which were remanded. 3 All new matters were initiated pursuant to Orders Instituting Proceedings, except five which were remanded. 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

 This may include review of Initial Decisions, matters on remand from the Court 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.

7 This includes three new matters that were erroneously omitted from the previous period.

8

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

circumstances.
Matters Before the Commission

04/01/2015-

09/30/2015

10/01/2014-

03/31/2015

04/01/2014-

09/30/2014

Review of Self-Regulatory Organization Decisions9

Number pending at start of period 3510 24 20

New matters added during period 17 20 12

Subtotal 52 44 32

Dispositions: 15 10 8

Opinions 10 7 3

Other dispositions 

(e.g., dismissals, remands)

 5 3 5

Total pending at end of period 37 34 24

Dispositions:

Median age at decision (days) 307 272 199

Number decided within guidelines11 9 3 4

04/01/2015-

09/30/2015

10/01/2014-

03/31/2015

04/01/2014-

09/30/2014

Miscellaneous Matters

Interlocutory Motions:

Number pending at start of period 0 0 0

Number filed during period 2 2 0

Number decided during period 1 2 0

Total pending at end of period 1 0 0

Median age at decision (days) 13 9.5 0

Number decided within 45 days 1 2 0

Stay Requests:

Number pending at start of period 0 0 0

Number filed during period 112 5 6

Number decided during period 0 5 6

Total pending at end of period 0 0 0

Median age at decision (days) 0 37 12

Number decided within guidelines13 0 414 4

 9 This 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. 10 This includes one new matter that was erroneously omitted from the previous period. 11 Guidelines are seven months, or eleven months if the Commission determines that a matter presents unusual complicating 

circumstances.

12 The only stay request filed during this period was withdrawn before the Commission ruled on it. 13 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. 14 The Stay Motion not resolved within the Guidelines was resolved in an Order Dismissing the Proceedings.