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U.S. Securities and Exchange Commission

Securities Exchange Act of 1934

Release No. 79188 / October 28, 2016

Report on Administrative Proceedings

For the Period April 1, 2016 through September 30, 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, 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.
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Report on Administrative Proceedings

for the Period April 1, 2016 through September 30, 2016

Matters Before the Administrative Law Judges

04/01/2016-

09/30/2016

10/01/2015-

03/31/2016

04/01/2015-

09/30/2015

Number pending at start of period 78 90 104

New matters added during period 921 1092 1323

Subtotal 170 199 236

Dispositions: 86 121 146

Initial Decisions4 62 95 112

Other dispositions

(e.g., settlements, dismissals)5

 24 26 34

Total pending at end of period 84 78 90

Initial Decisions: 70 100 129

Median age at decision (days) 57.5 46 44

 Number issued within guideline 

 or specified time period

 65 84 120

 1 All new matters were initiated pursuant to orders instituting proceedings (OIPs), one of which was a Rule 102(e) proceeding 

and one was a remand.

2 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.

3 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.

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.
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Matters Before the Commission (ALJ Matters)

04/01/2016-

09/30/2016

10/01/2015-

03/31/2016

04/01/2015-

09/30/2015

Total Matters6

 Number pending at start of period

34

24

31

20

34

27

 New matters added during period 10 11 7

Dispositions (Total): 14 7 14

Opinions 12 4 10

Other dispositions (e.g., dismissals) 2 3 4

Total pending at end of period

 Matters fully briefed at end of period7

20

15

24 20

Timing of Dispositions:

 Median age from close of briefing (days) 194

Median age at decision (days) 586 385 270

Number decided within guidelines 5 3 9

 6 This includes review of Initial Decisions, remands from a Court of Appeals, or actions taken pursuant to delegated authority 

but not matters where the review is being conducted by a Division or Office other than the Office of the General Counsel.

7 For appeals filed after September 27, 2016, the recent amendments to the Rules of Practice require the Commission to issue 

a decision within eight months from the completion of briefing or ten months in a complex case. For appeals filed before 

September 27, 2016, the Rules of Practice require a decision within seven months from the date of the appeal or eleven 

months if the matter presents unusual complicating circumstances. The amended rules require that the Commission report 

both the median age at decision and the median days from the completion of briefing to decision, and 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)

04/01/2016-

09/30/2016

10/01/2015-

03/31/2016

04/01/2015-

09/30/2015

Total Matters8

 Number pending at start of period

619

41

54

37

52

35

 New matters added during period 20 17 17

Dispositions (Total): 15 13 15

Opinions 14 10 10

Other dispositions (e.g., dismissals) 1 3 5

Total pending at end of period

 Matters fully briefed at end of period10

46

 8

41 37

Timing of Dispositions:

 Median age from close of briefing (days) 65

Median age at decision (days) 163 245 307

Number decided within guidelines 10 5 9

 8 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, and matters filed pursuant to Section 105(e) of the Sarbanes-Oxley Act of 2002.

9 This includes 32 related cases that the applicant requested be held in abeyance pending the resolution of a related case.

10 See supra footnote 7.
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Matters Before the Commission (Motions)

04/01/2016-

09/30/2016

10/01/2015-

03/31/2016

04/01/2015-

09/30/2015

Interlocutory Motions:

Number pending at start of period 0 1 0

Number filed during period 2 0 2

Number decided during period 2 1 1

Total pending at end of period 0 0 1

Median age at decision (days) 40 16 13

Number decided within guidelines11 2 1 1

Stay Motions:

Number pending at start of period 1 0 0

Number filed during period 12 5 112

Number decided during period 1313 4 0

Total pending at end of period 0 1 0

Median age at decision (days) 14 15.5 0

Number decided within guidelines14 11 3 0

Motions for Reconsideration15

 Number pending at start of period

 Number filed during period

 Number decided during period

 Total pending at end of period 

 1

 1

 2

 0

 11 Guideline is forty-five days from the date for filing the final brief.

12 The only stay request filed during this period was withdrawn before the Commission ruled on it.

13 One stay motion was resolved by the Commission issuing a corrected order imposing remedial sanctions.

14 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. 

15 This report adds this category to provide additional information about motions before the Commission.