UNITED STATES SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934

Release No. 94820 / April 29, 2022

Report on Administrative Proceedings

For the Period October 1, 2021 through March 31, 2022

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 October 1, 2021 through March 31, 2022

Matters Before the Administrative Law Judges

10/01/2021

03/31/2022

04/01/20210

9/30/2021

10/01/2020

03/31/2021

Number pending at start of period 7 9 16

New matters added during period 21 22 33

Subtotal 9 11 19

Dispositions:

Initial Decisions4 1 3 65

Other dispositions

(e.g., settlements, dismissals)6

1 1 4

Total pending at end of period 7 7 9

Initial Decisions:

Median age at decision (days) 119 272 617

Number issued within 10 months 1 2 3

 

1 The new assignments during this period were: Life Science Holdings, 3-20627, assigned on 10/15/21, and DF 

Growth REIT II, LLC, 3-20801, assigned on 03/31/22.

2 The new assignments during this period were Elaine A. Dowling, Esq., 3-20378, and Kimberly D. Butler, 3-20454.

3 The new assignments during this period were: Reynolds, Esq., 3-20136, assigned on 12/23/20; Quicksilver Stock 

Transfer, LLC, 3-19303, assigned on 01/26/21; and Rosedale Asset Mgmt., LLC, 3-20220, assigned on 02/05/21.

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 initial decision issued on 01/05/21 closed two cases that were consolidated: Crest Radius, Inc., 3-20021, and 

Loyal Source Market Services, Inc., 3-20022.

6 Includes all proceedings disposed of other than by an Initial Decision.
3 

Matters Before the Commission (Commission Matters)

10/01/2021

03/31/2022

04/01/2021

09/30/2021

10/01/2020

03/31/2021

Total Matters7 241 346 289

Number pending at start of period 180 209 273

New matters added during period 61 137 16

Dispositions (Total):

Opinions 48 144 63

Other dispositions (e.g., settlements, 

dismissals)

258 229 1710

Total pending at end of period11 168 180 210

Timing of Dispositions:

Median age at decision (days)12 167 334 501

 

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 25 matters were resolved by settlement.

9 Seventeen of these matters were resolved by settlement.

10 Fourteen of these matters were resolved by settlement. One such matter was inadvertently omitted from the report 

first issued for this reporting period.

11 Dispositions 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.
4 

Matters Before the Commission (ALJ Matters)

10/01/2021

03/31/2022

04/01/2021

09/30/2021

10/01/2020

03/31/2021

Total Matters13 13 13 14

Number pending at start of period 13 12 13

New matters added during period 0 1 1

Dispositions (Total): 0 0 2

Opinions 0 0 1

Other dispositions (e.g., settlements, 

dismissals)

0 0 114

Total pending at end of period

Matters fully briefed at end of period

13

13

13

13

12

8

Timing of Dispositions:15

Median age from close of briefing (days) N/A N/A 634

Median age at decision (days) N/A N/A 790

Number decided within guidelines16 N/A N/A 0

 

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 This matter was resolved by settlement.

15 The median ages from close of briefing and at decision do not include matters that were resolved by settlement. 

16 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.
5 

Matters Before the Commission (SRO Matters)

 

10/01/2021

03/31/2022

04/01/2021

09/30/2021

10/01/2020

03/31/2021

Total Matters17 84 77 68

Number pending at start of period 67 61 57

New matters added during period 17 16 11

Dispositions (Total): 9 10 7

Opinions 4 4 4

Other dispositions (e.g. dismissals) 5 6 3

Total pending at end of period

Matters fully briefed at end of period

75

65

67

56

61

52

Timing of Dispositions:

Median age from close of briefing (days) 63 196 516

Median age at decision (days) 98 518.5 694

Number decided within guidelines18 5 6 2

 

17 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.

18 See supra note 16. 
6 

Matters Before the Commission (Motions)

10/01/2021

03/31/2022

04/01/2021

09/30/2021

10/01/2020

03/31/2021

Interlocutory Motions

Number pending at start of period

Number filed during period

0

0

0

0

1

0

Number decided during period 0 0 1

 Total pending at end of period: 0 0 0

Median age at decision (days) N/A N/A 56719

Number decided within guidelines20 N/A N/A 0

Stay Motions

 Number pending at start of period

 Number filed during period 

Number decided during period

0 

4 

4

0 

2 

2

0 

3 

3

 Total pending at end of period:

Median age at decision (days)

0

21.5

0

74

0

14

Number decided within guidelines21 1 0 2

Motions for Reconsideration

Number pending at start of period 

 Number filed during period 

 Number decided during period 

 Total pending at end of period

2 

0 

1 

1

2 

0 

0 

2

1 

1 

0 

2

 

19 The motion was resolved as part of an order granting a petition for review and denying a motion for summary 

affirmance. 

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

21 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.