UNITED STATES SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934

Release No. 83137 / April 30, 2018

Report on Administrative Proceedings

For the Period October 1, 2017 through March 31, 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 October 1, 2017 through March 31, 2018

Matters Before the Administrative Law Judges

10/01/2017

03/31/2018

04/01/2017

09/30/2017

10/01/2016

03/31/2017

Number pending at start of period 101 76 84

New matters added during period 1331 1052 803

Subtotal 234 181 164

Dispositions: 176 80 88

Initial Decisions4 56 57 585

Other dispositions

(e.g., settlements, dismissals)6

120 23 30

Total pending at end of period 58 101 76

Initial Decisions: 647 718 62

Median age at decision (days) 43 69 57

Number issued within 10 months 60 66 55

 1 All new matters were initiated pursuant to orders instituting proceedings (OIPs), except 109 remands 

and one Equal Access to Justice Act matter.

2 All new matters were initiated pursuant to OIPs.

3 All new matters were initiated pursuant to OIPs, except for two matters, one of which was a Rule 102(e) 

proceeding and one was pursuant to Rule 258(b)(2) of the General Rules and Regulations under the 

Securities Act of 1933.

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 Initial Decision closed four consolidated cases. One Initial Decision closed two consolidated cases.

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

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 (ALJ Matters)

10/01/2017

03/31/2018

04/01/2017

09/30/2017

10/01/2016

03/31/2017

Total Matters9 18 18 26

Number pending at start of period 14 16 2110

New matters added during period 4 2 5

Dispositions (Total): 2 4 10

Opinions 0 2 9

Other dispositions (e.g. dismissals) 2 2 1

Total pending at end of period 16 14 16

Matters fully briefed at end of period11 212 14 13

Timing of Dispositions:

Median age from close of briefing (days) 141 254 143.5

Median age at decision (days) 188.5 351.5 263.5

Number decided within guidelines 2 2 6

 9 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.

10 After the conclusion of the prior reporting period, the Commission determined to construe a filing that 

was received from a pro se respondent in September 2016 as a petition for review of an Initial Decision.

11 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.

12 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.
4

Matters Before the Commission (SRO Matters)

10/01/2017

03/31/2018

04/01/2017

09/30/2017

10/01/2016

03/31/2017

Total Matters13 8414 7715 6316

Number pending at start of period 63 49 46

New matters added during period 21 28 17

Dispositions (Total): 4 14 14

Opinions 2 10 12

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

Total pending at end of period 80 63 49

Matters fully briefed at end of period17 18 9 7

Timing of Dispositions:

Median age from close of briefing (days) 123.5 93.5 107

Median age at decision (days) 200 159 160.5

Number decided within guidelines 4 12 12

 13 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.

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

resolution of a related case.

15 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.

16 This includes 38 related cases that the applicant requested be held in abeyance pending the resolution of 

a related case and that remain in abeyance at the end of this reporting period.

17 See supra footnote 11.
5

Matters Before the Commission (Motions)

10/01/2017

03/31/2018

04/01/2017

09/30/2017

10/01/2016

03/31/2017

Interlocutory Motions:

Number pending at start of period 1 1 0

Number filed during period 0 1 1

Number decided during period 118 119 0

 Total pending at end of period: 0 1 1

Media age at decision (days) 306 56

Number decided within guidelines20 0 0 0

Stay Motions:

Number pending at start of period 0 1 0

Number filed during period 4 5 4

Number decided during period 3 6 3

 Total pending at end of period: 1 0 1

Median age at decision (days) 14 14 19

Number decided within guidelines21 2 5 2

Motions for Reconsideration

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

 18 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 infra footnote 19.

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

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

21 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.