UNITED STATES SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934

Release No. 91734 / April 30, 2021

Report on Administrative Proceedings

For the Period October 1, 2020 through March 31, 2021

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, 2020 through March 31, 2021

Matters Before the Administrative Law Judges

10/01/2020

03/31/2021

04/01/2020

09/30/2020

10/01/2019

03/31/2020

Number pending at start of period 16 26 43

New matters added during period 3

1

3

2

2

3

Subtotal 19 29 45

Dispositions: 13 19

Initial Decisions46

5

4 126

Other dispositions

(e.g., settlements, dismissals)7

4 9 7

Total pending at end of period 9 16 26

Initial Decisions:

Median age at decision (days) 617 345 466

Number issued within 10 months 3 0 3

 

1 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.

2 The new case assignments during this period were: Randall Goulding, Esq., No. 3-19697, and Crest Radius, Inc., 

No. 3- 20021, and Loyal Source Market Services, Inc., No. 3- 20022.

3 The two new case assignments during this period were remands: Feathers, No. 3-15755, and Harris, No. 3-17874. 

The Office of Administrative Law Judges received no new assignments initiated by orders instituting proceedings 

during this period.

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 One case was closed by the issuance of two initial decisions on the same day, but it is counted only once under 

dispositions and selected statistics.

7

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

Matters Before the Commission (Commission Matters)

10/01/2020

03/31/2021

04/01/2020

09/30/2020

10/01/2019

03/31/2020

Total Matters8289 319 228

Number pending at start of period 273 194 187

New matters added during period 16 125 41

Dispositions (Total):

Opinions 63 36 13

Other dispositions (e.g. dismissals) 1691010 2111

Total pending at end of period 210 273 19412

Timing of Dispositions:

Median age at decision (days)13 501 377 206.5

 

8 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.

9 Thirteen of these matters were resolved by settlement.

10 These ten matters were resolved by settlement. One such matter was inadvertently omitted from the report first 

issued for this reporting period.

11 Sixteen of these matters were resolved by settlement. One such matter was inadvertently admitted from the report 

first issued for this reporting period.

12 Opinions 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.

13 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)

10/01/2020

03/31/2021

04/01/2020

09/30/2020

10/01/2019

03/31/2020

Total Matters14 14 14 11

Number pending at start of period 13 11 6

New matters added during period 1 3 5

Dispositions (Total): 2 1 0

Opinions 1 1 0

Other dispositions (e.g. dismissals) 1

15 0 0

Total pending at end of period

Matters fully briefed at end of period

12

8

13

8

11

6

Timing of Dispositions:16

Median age from close of briefing (days) 634 533 N/A

Median age at decision (days)17 790 627 N/A

Number decided within guidelines 0 0 N/A

 

14 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.

15 This matter was resolved by settlement.

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

17

 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)

 

10/01/2020

03/31/2021

04/01/2020

09/30/2020

10/01/2019

03/31/2020

Total Matters18 68 67 61

Number pending at start of period 57 56 48

New matters added during period 11 11 13

Dispositions (Total): 7 10 5

Opinions 4 8 4

Other dispositions (e.g. dismissals) 3 2 1

Total pending at end of period

Matters fully briefed at end of period

61

52

57

26

56

43

Timing of Dispositions:

Median age from close of briefing (days) 516 289.5 354

Median age at decision (days)19 694 386 465

20

Number decided within guidelines 2 3 2

 

18 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.

19

 See supra note 17.

20 The report first issued for this period erroneously said 46 rather than 465.
6

Matters Before the Commission (Motions)

10/01/2020

03/31/2021

04/01/2020

09/30/2020

10/01/2019

03/31/2020

Interlocutory Motions

Number pending at start of period

Number filed during period

1

0

1

0

2

0

Number decided during period 1 0 1

 Total pending at end of period: 0 1 1

Median age at decision (days) 56721 N/A 133

Number decided within guidelines22 0 N/A 0

Stay Motions

Number pending at start of period

Number filed during period

Number decided during period

0

3

3

0

0

0

1

1

2

 Total pending at end of period:

Median age at decision (days)

0

14

0

N/A

0

175.5

Number decided within guidelines23 2 N/A 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

1

0

2

0

1

0

1

0

0

0

0

 

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

affirmance.

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

23 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.