U.S. Securities and Exchange Commission

Securities Exchange Act of 1934

Release No. 73458 / October 29, 2014

Report on Administrative Proceedings

For the Period April 1, 2014 through September 30, 2014

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, 2014 through September 30, 2014

Matters Before the Administrative Law Judges

04/01/2014-

09/30/2014

10/01/2013-

03/31/2014

04/01/2013-

09/30/2013

Number pending at start of period 69 84 73

New matters added during period 1391 96 1212

Subtotal 208 180 194

Dispositions: 112 111 110

Initial Decisions3 86 87 22

Other dispositions

(e.g., settlements, dismissals)4

26 24 89

Total pending at end of period 96 69 84

Initial Decisions: 101 98 22

Median age at decision (days) 40 52 186.5

 Number issued within guideline 

 or specified time period

89 90 16

Matters Before the Commission

04/01/2014-

09/30/2014

10/01/2013-

03/31/2014

04/01/2013-

09/30/2013

Review of ALJ Matters5

Number pending at start of period 17 17 16

New matters added during period 9 7 6

Subtotal 26 24 22

Dispositions:

Opinions 4 6 4

Other dispositions 

(e.g., dismissals)

 2 1 1

Total pending at end of period 20 17 17

Dispositions:

Median age at decision (days) 524 600 539

Number decided within guideline6 1 0 2

 1 All new matters were initiated pursuant to Orders Instituting Proceedings, except five which were remanded.

2 All new matters were initiated pursuant to Orders Instituting Proceedings, except one which was remanded. 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. 5

 May include review of Initial Decisions 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. 6 Guidelines are seven months, or 11 months if the Commission determines that a matter presents unusual complicating 

circumstances.
Matters Before the Commission

04/01/2014-

09/30/2014

10/01/2013-

03/31/2014

04/01/2013-

09/30/2013

Review of Self-Regulatory Organization Decisions7

Number pending at start of period 20 15 17

New matters added during period 12 11 9

Subtotal 32 26 26

Dispositions: 8 6 11

Opinions 3 4 6

Other dispositions 

(e.g., dismissals, remands)

 5 2 5

Total pending at end of period 24 20 15

Dispositions:

Median age at decision (days) 199 314 460

Number decided within guidelines8 4 2 5

04/01/2014-

09/30/2014

10/01/2013-

03/31/2014

04/01/2013-

09/30/2013

Miscellaneous Matters

Interlocutory Motions:

Number pending at start of period 0 0 0

Number filed during period 0 39 0

Number decided during period 0 3 0

Total pending at end of period 0 0 0

Median age at decision (days) 0 15 0

Number decided within 45 days 0 3 0

Stay Requests:

Number pending at start of period 0 0 0

Number filed during period 6 1 2

Number decided during period 6 1 2

Total pending at end of period 0 0 0

Median age at decision (days) 12 9 32.5

Number decided within guidelines10 4 1 0

 7 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. 8 Guidelines are seven months, or 11 months if the Commission determines that a matter presents unusual complicating 

circumstances.

9 Two interlocutory petitions included requests to stay the commencement of the administrative hearing. The interlocutory 

petition and stay request were decided in one order for each of these matters. 10 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.