U.S. Securities and Exchange Commission

Securities Exchange Act of 1934

Release No. 77733 / April 27, 2016

Report on Administrative Proceedings

For the Period October 1, 2015 through March 31, 2016

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, 2015 through March 31, 2016

Matters Before the Administrative Law Judges

10/01/2015-

03/31/2016

04/01/2015-

09/30/2015

10/01/2014-

03/31/2015

Number pending at start of period 90 104 96

New matters added during period 1091 1322 943

Subtotal 199 236 190

Dispositions: 121 146 86

Initial Decisions4 95 112 64

Other dispositions

(e.g., settlements, dismissals)5

 26 34 22

Total pending at end of period 78 90 104

Initial Decisions: 100 129 64

Median age at decision (days) 46 44 131

 Number issued within guideline 

 or specified time period

 84 120 53

Matters Before the Commission

10/01/2015-

03/31/2016

04/01/2015-

09/30/2015

10/01/2014-

03/31/2015

Review of ALJ Matters6

Number pending at start of period 20 277 20

New matters added during period 11 7 11

Subtotal 31 34 31

Dispositions:

Opinions 4 10 5

Other dispositions 

(e.g., dismissals)

 3 4 2

Total pending at end of period 24 20 24

Dispositions:

Median age at decision (days) 385 270 399

Number decided within guidelines8 3 9 1

 1 All new matters were initiated pursuant to Orders Instituting Proceedings (OIPs), except for three matters, of which two were 

Stop Orders and one was by an Order Denying Motion to Lift Temporary Suspension. 2 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.

3 All new matters were initiated pursuant to Orders Instituting Proceedings, except two 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

10/01/2015-

03/31/2016

04/01/2015-

09/30/2015

10/01/2014-

03/31/2015

Review of Self-Regulatory Organization Decisions9

Number pending at start of period 37 3510 24

New matters added during period 17 17 20

Subtotal 54 52 44

Dispositions: 13 15 10

Opinions 10 10 7

Other dispositions 

(e.g., dismissals, remands)

 3 5 3

Total pending at end of period 41 37 34

Dispositions:

Median age at decision (days) 245 307 272

Number decided within guidelines11 5 9 3

10/01/2015-

03/31/2016

04/01/2015-

09/30/2015

10/01/2014-

03/31/2015

Miscellaneous Matters

Interlocutory Motions:

Number pending at start of period 1 0 0

Number filed during period 0 2 2

Number decided during period 1 1 2

Total pending at end of period 0 1 0

Median age at decision (days) 16 13 9.5

Number decided within 45 days 1 1 2

Stay Requests:

Number pending at start of period 0 0 0

Number filed during period 5 112 5

Number decided during period 4 0 5

Total pending at end of period 1 0 0

Median age at decision (days) 15.5 0 37

Number decided within guidelines13 3 0 414

 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.