U.S. Securities and Exchange Commission

Securities Exchange Act of 1934

Release No. 70781 / October 30, 2013

Report on Administrative Proceedings

For the Period April 1, 2013 through September 30, 2013

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, 2013 through September 30, 2013

Matters Before the Administrative Law Judges

04/01/2013-

09/30/2013

10/01/2012-

03/31/2013

04/01/2012-

09/30/2012

Number pending at start of period 73 69 73

New matters added during period 1211 82 106

Subtotal 194 151 179

Dispositions: 110 78 110

Initial Decisions 222 12 12

Other dispositions

(e.g., settlements, defaults)3

89 66 98

Total pending at end of period 84 73 69

Initial Decisions: 22 134 14

Median age at decision (days) 186.5 145 128

 Number issued within guideline 

 or specified time period

16 10 13

Matters Before the Commission

04/01/2013-

09/30/2013

10/01/2012-

03/31/2013

04/01/2012-

09/30/2012

Review of ALJ Matters5

Number pending at start of period 16 19 17

New matters added during period 6 4 7

Subtotal 22 23 24

Dispositions:

Opinions 4 3 4

Other dispositions 

(e.g., dismissals)

1 4 1

Total pending at end of period 17 16 19

Dispositions:

Median age at decision (days) 539 328.5 321

Number decided within guideline6 2 1 0

 1 All new matters were initiated pursuant to Orders Instituting Proceedings, except one which was remanded. 2 One Initial Decision did not close the case. 3 Includes all proceedings disposed of other than by an initial decision, including default orders that dispose of the entire 

proceeding.

4

 One Initial Decision is a FY 2012 matter which was reopened. 5

 May include review of initial decisions and matters on remand from the Courts of Appeals. 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

04/01/2013-

09/30/2013

10/01/2012-

03/31/2013

04/01/2012-

09/30/2012

Review of Self-Regulatory Organization Decisions7

Number pending at start of period 17 138 8

New matters added during period 9 11 6

Subtotal 26 24 14

Dispositions: 11 7 2

Opinions 6 3 0

Other dispositions 

(e.g., dismissals, remands)

5 4 2

Total pending at end of period 15 17 12

Dispositions:

Median age at decision (days) 460 336.5 38.5

Number decided within guidelines9 5 0 2

04/01/2013-

09/30/2013

10/01/2012-

03/31/2013

04/01/2012-

09/30/2012

Miscellaneous Matters

Interlocutory Motions:

Number pending at start of period 0 0 0

Number filed during period 0 0 0

Number decided during period 0 0 0

Total pending at end of period 0 0 0

Median age at decision (days) 0 0 0

Number decided within 45 days 0 0 0

Stay Requests:

Number pending at start of period 0 0 0

Number filed during period 2 3 1

Number decided during period 2 3 1

Total pending at end of period 0 0 0

Median age at decision (days) 32.5 20 34

Number decided within guidelines10 0 0 0

 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 Updated number includes remand from Court of Appeals. 9 Guidelines are seven months, or 11 months if the Commission determines that a matter presents unusual complicating 

circumstances.

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.