UNITED STATES SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934

Release No. 90289 / October 30, 2020

Report on Administrative Proceedings

For the Period April 1, 2020 through September 30, 2020

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, 2020 through September 30, 2020

Matters Before the Administrative Law Judges

04/01/2020

09/30/2020

10/01/2019

03/31/2020

04/01/2019

09/30/2019

Number pending at start of period 26 43 58

New matters added during period 31 22 73

Subtotal 29 45 65

Dispositions: 13 19 22

Initial Decisions4 4 125 17

Other dispositions

(e.g., settlements, dismissals)6

9 7 5

Total pending at end of period 16 26 43

Initial Decisions:

Median age at decision (days) 345 466 336

Number issued within 10 months 0 3 7

 1 The new case assignments during this period were: Randall Goulding, Esq., No. 3-19697, Crest Radius, Inc., No. 

3-20021, and Loyal Source Market Services, Inc., No. 3-20022.

2 The two new case assignments during this period were remands: Feathers, No. 3-15755, and Harris, No. 3-17874. 

The Office of Administrative Law Judges received no new assignments initiated by orders instituting proceedings 

during this period.

3

New matters were initiated pursuant to orders instituting proceedings (OIPs) assigned to

The Office of Administrative Law Judges (OALJ) originally except: Bruton/Hope 3-18789 and Bruton 3-18790 

(consolidated, OIPs issued Sept 19, 2018; assigned to OALJ April 11). Amundsen 3-18994 (OIP issued Feb 8, 2019; 

assigned to OALJ April 25). Ascension 3-19024 (OIP issued March 7, 2019; assigned

to OALJ May 7). Finn 3-17693 (remand Sept 23, 2019).

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 case was closed by the issuance of two initial decisions on the same day, but it is counted only once under 

dispositions and selected statistics.

6 Includes all proceedings disposed of other than by an Initial Decision.
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Matters Before the Commission (Commission Matters)

04/01/2020

09/30/2020

10/01/2019

03/31/2020

04/01/2019

09/30/2019

Total Matters7 319 228 263

Number pending at start of period 194 187 108

New matters added during period 125 41 155

Dispositions (Total):

Opinions 36 13 71

Other dispositions (e.g. dismissals) 98 219 510

Total pending at end of period 274 194 18711

Timing of Dispositions:

Median age at decision (days)12 377 206.5 286

 7 This includes administrative proceedings initiated by an order instituting proceedings that commenced the 

proceeding and set the matter down for a hearing before the Commission.

8 These nine matters were resolved by settlement.

9 Sixteen of these matters were resolved by settlement. One such matter was inadvertently admitted from the report 

first issued for this reporting period.

10 These five matters were all resolved by settlement.

11 Opinions may have been issued with respect to some respondents in a matter, but the matter is considered pending 

for purposes of this report until the proceeding is resolved for all respondents.

12 The median age at decision does not include matters that were resolved by settlement. The age is the number of 

days from the institution of the proceeding to the resolution of the proceeding as to all respondents.
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Matters Before the Commission (ALJ Matters)

04/01/2020

09/30/2020

10/01/2019

03/31/2020

04/01/2019

09/30/2019

Total Matters13 14 11 6

Number pending at start of period 11 6 4

New matters added during period 3 5 2

Dispositions (Total): 1 0 0

Opinions 1 0 0

Other dispositions (e.g. dismissals) 0 0 0

Total pending at end of period

Matters fully briefed at end of period

13

8

11

6

6

3

Timing of Dispositions:

Median age from close of briefing (days) 533 N/A N/A

Median age at decision (days)14 627 N/A N/A

Number decided within guidelines 0 N/A N/A

 13 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 or where a matter 

remanded from a Court of Appeals was remanded to the Office of Administrative Law Judges.

14 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. The Rules of Practice also 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..
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Matters Before the Commission (SRO Matters)

 

04/01/2020

09/30/2020

10/01/2019

03/31/2020

04/01/2019

09/30/2019

Total Matters15 67 61 58

Number pending at start of period 56 48 3

New matters added during period 11 13 19

Dispositions (Total): 10 5 10

Opinions 8 4 7

Other dispositions (e.g. dismissals) 2 1 3

Total pending at end of period

Matters fully briefed at end of period

57

26

56

43

48

35

Timing of Dispositions:

Median age from close of briefing (days) 289.5 354 357

Median age at decision (days)16 386 46 462.5

Number decided within guidelines 3 2 4

 15 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 Sarbanes-Oxley Act of 2002, and 

remands from a Court of Appeals.

16 See supra note 17.
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Matters Before the Commission (Motions)

04/01/2020

09/30/2020

10/01/2019

03/31/2020

04/01/2019

09/30/2019

Interlocutory Motions

Number pending at start of period

Number filed during period

1

0

2

0

1

2

Number decided during period 0 1 1

 Total pending at end of period: 1 1 2

Median age at decision (days) N/A 133 304

Number decided within guidelines17 N/A 0 0

Stay Motions

Number pending at start of period

Number filed during period

Number decided during period

0

0

0

1

1

2

2

5

6

 Total pending at end of period:

Median age at decision (days)

0

N/A

0

175.5

1

15.5

Number decided within guidelines18 N/A 1 3

Motions for Reconsideration

Number pending at start of period

Number filed during period

Number decided during period

 Total pending at end of period

0

1

0

1

0

0

0

0

1

0

1

0

 17 The guideline under Rule 900 is forty-five days from the date for filing the final brief.

18 The guideline under Rule 900 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.