UNITED STATES SECURITIES AND EXCHANGE COMMISSION 

SECURITIES EXCHANGE ACT OF 1934 

Release No. 98830 / October 31, 2023 

Report on Administrative Proceedings 

For the Period April 1, 2023 through September 30, 2023 

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. 
1 

Report on Administrative Proceedings 

for the Period April 1 through September 30, 2023 

Matters Before the Administrative Law Judges 

04/01/2023 

09/30/2023 

10/01/2022 

03/31/2023 

04/01/2022 

09/30/2022 

Number pending at start of period 

New matters added during period 

9 

0 

9 

21 

7 

32 

Subtotal 9 11 10 

Dispositions: 7 2 1 

Initial Decisions3 1 2 0 

Other dispositions 6 0 1 

(e.g., settlements, dismissals)4 

Total pending at end of period 2 9 9 

Initial Decisions: 

Median age at decision (days) 180 216 286 

Number issued within 10 months 1 1 1 

1

 The new case assignments during this period were: Jason Jianxun Tang, CPA, 3-21241, assigned on 

November 17, 2022, and American CryptoFed DAO LLC, 3-21243, assigned on November 18, 2022. 

2

 The new case assignments during this period were: Horter Investment Management, LLC, 3-20531, assigned 

on April 14, 2022, Petroteq Energy, Inc., 3-20898, instituted and assigned on June 13, 2022, Electropremium, 3-

21032, instituted and assigned on September 6, 2022. 

3

 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. 

4

 Includes all proceedings disposed of other than by an Initial Decision. 
2 

Matters Before the Commission (Commission Matters) 

04/01/2023 

09/30/2023 

10/01/2022 

03/31/2023 

04/01/2022 

09/30/2022 

Total Matters1 303 2622 298 

 Number pending at start of period 178 231 170 

New matters added during period 125 31 128 

Dispositions (Total): 65 84 67 

 Opinions 35 66 52 

Other dispositions (e.g., settlements, 

dismissals)

 303 184 155

Total pending at end of period6 238 1787 231 

Timing of Dispositions: 

 Median age at decision (days)8 700 175 212 

 

 

1

 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. 

2

 This excludes one matter that was added during this period but then set for a hearing before an ALJ. 

3

 Thirteen of these matters were resolved by settlement. 

4

 These eighteen matters were resolved by settlement. 

5

 Eleven of these matters were resolved by settlement. 

6

 Dispositions may also 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. 

7

 The report first issued for this period erroneously said 179 rather than 178. 

8

 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. 
3 

Matters Before the Commission (ALJ Matters) 

04/01/2023 

09/30/2023 

10/01/2022 

3/31/2023 

04/01/2022 

09/30/2022 

Total Matters1 16 14 13 

 Number pending at start of period 14 13 13 

New matters added during period 2 1 0 

Dispositions (Total): 13 0 0 

 Opinions 0 0 0 

Other dispositions (e.g., settlements, 

dismissals) 13 0 0 

Total pending at end of period 

 Matters fully briefed at end of period

3 

2 

 142

14

13 

13 

Timing of Dispositions:

 Median age from close of briefing (days) 952 N/A N/A 

 Median age at decision (days) 1,228 N/A N/A 

 Number decided within guidelines3 0 N/A N/A 

1

 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. 

2

 The report first issued for this period erroneously said 15 rather than 14. 

3

 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. 
4 

Matters Before the Commission (SRO Matters) 

 

04/01/2023 

09/30/2023 

10/01/2022 

03/31/2023 

04/01/2022 

09/30/2022 

Total Matters1 85 88 90 

 Number pending at start of period 79 83 75 

New matters added during period 6 5 15 

Dispositions (Total): 42 9 7 

 Opinions 362 4 3 

Other dispositions (e.g., dismissals) 6 5 4 

Total pending at end of period 

 Matters fully briefed at end of period

43 

32 

 793

67 

83 

71 

Timing of Dispositions:

 Median age from close of 

 briefing (days)4

869 132 45 

 Median age at decision (days) 1,295 437 456 

 Number decided within guidelines 2 5 4 

1

 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. 

2

 Twenty-three of these matters were disposed of in a single consolidated opinion. 

3

 The report first issued for this period erroneously said 80 rather than 79. 

4

 The median age at decision does not include matters that were withdrawn by applicant. The age is the 

number of days from the institution of the proceeding to the resolution of the proceeding as to all respondents. 
5 

Matters Before the Commission (Motions) 

04/01/2023 

09/30/2023 

10/01/2022 

3/31/2023 

04/01/2022 

09/30/2022 

Interlocutory Motions 

 Number pending at start of period 

 Number filed during period

0 

0 

0 

0 

0 

0 

Number decided during period 0 0 0 

 Total pending at end of period: 0 0 0 

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

 Number decided within guidelines1 N/A N/A N/A 

Stay Motions

 Number pending at start of period 

 Number filed during period 

 Number decided during period

0 

0 

0 

0 

2 

2

0 

2 

2

 Total pending at end of period:

 Median age at decision (days) 

0 

N/A 

0 

13

0 

34.5

 Number decided within guidelines2 N/A 2 1 

Motions for Reconsideration 

Number pending at start of period 

 Number filed during period 

 Number decided during period 

 Total pending at end of period 

1 

3 

4 

0 

1 

0 

0 

1 

1 

0 

0 

1

1

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

2

 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.