U.S. Securities and Exchange Commission 

Securities Exchange Act of 1934 

Release No. 68107/October 25, 2012 

Report on Administrative Proceedings

For the Period April 1, 2012 through September 30, 2012 

 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, 2012 through September 30, 2012 

Matters Before the Administrative Law Judges

04/01/2012-

09/30/2012

10/01/2011-

03/31/2012

04/01/2011-

09/30/2011

Number pending at start of period 73 60 57

New matters added during period 106 101 116

Subtotal 179 161 173

Dispositions: 110 88 112

Initial Decisions 12 20 20

Other dispositions

(e.g., settlements, defaults)1

98 68 92

Total pending at end of period 69 73 61

Initial Decisions: 14 21 22

Median age at decision (days) 128 139 208

 Number issued within guideline 

 or specified time period 13 18 15

Matters Before the Commission

04/01/2012-

09/30/2012

10/01/2011-

03/31/2012

04/01/2011-

09/30/2011

Review of ALJ Matters2

Number pending at start of period 17 10 9

New matters added during period 7 10 7

Subtotal 24 20 16

Dispositions: 6

Opinions 4 1 6

Other dispositions 

(e.g., dismissals)

 1 2 0 

Total pending at end of period 19 17 10

Dispositions:

Median age at decision (days) 321 484 201

Number decided within guideline3 0 1 4

 

1

 Includes all proceedings disposed of other than by an initial decision, including default orders that dispose of the entire 

proceeding.

2

 May include review of initial decisions, review of other non-interlocutory ALJ matters, 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.

3

 Guideline for matters appealed 7/17/03 or later is seven months, or 11 months if the Commission determines that a matter 

presents unusual complicating circumstances.
Matters Before the Commission

04/01/2012-

09/30/2012

10/01/2011-

03/31/2012

04/01/2011-

09/30/2011

Review of Self-Regulatory Organization Decisions4

Number pending at start of period 8 14 18

New matters added during period 6 11 6

Subtotal 14 25 24

Dispositions: 2 17 10

Opinions 0 11 7

Other dispositions 

(e.g., dismissals, remands)

 2 6 3 

Total pending at end of period 12 8 14

Dispositions:

Median age at decision (days) 38.5 259 278

Number decided within guidelines5 2 7 4

04/01/2012-

09/30/2012

10/01/2011-

03/31/2012

04/01/2011-

09/30/2011

Miscellaneous Matters

Interlocutory Motions:

Number pending at start of period 0 0 0

Number filed during period 0 2 0

Number decided during period 0 2 0

Total pending at end of period 0 0 0

Median age at decision (days) 0 15.5 0

Number decided within 45 days 0 2 0

Stay Requests:

Number pending at start of period 0 0 0

Number filed during period 1 2 2

Number decided during period 1 2 2

Total pending at end of period 0 0 0

Median age at decision (days) 34 23 9

Number decided within guidelines6 0 2 1

 

4

 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. 5

 Guideline for matters appealed 7/17/03 or later is seven months, or 11 months if the Commission determines that a matter 

presents unusual complicating circumstances.

6

 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.