UNITED STATES SECURITIES AND EXCHANGE COMMISSION 

SECURITIES EXCHANGE ACT OF 1934 

Release No. 97400 / April 28, 2023 

Report on Administrative Proceedings 

For the Period October 1, 2022 through March 31, 2023 

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. 
Report on Administrative Proceedings 

for the Period October 1, 2022 through March 31, 2023 

Matters Before the Administrative Law Judges 

10/01/2022 

03/31/2023 

04/01/2022 

09/30/2022 

10/01/2021 

03/31/2022 

Number pending at start of period 9 7 7 

New matters added during period 21 32 23

Subtotal 11 10 9

Dispositions: 2

 Initial Decisions4 2 0 1

 Other dispositions 

(e.g., settlements, dismissals)5

1 1

Total pending at end of period 9 9 7

Initial Decisions:

Median age at decision (days) 216 286 119 

Number issued within 10 months 1 1 1 

1

 The new case assignments during this period were: Jason Jianxun Tang, CPA, 3-21241, assigned on November 17, 

2022, and American CryptoFed DAO LLC, 3-21243, assigned on November 18, 2022. 

2

 The new case assignments during this period were: Horter Investment Management, LLC, 3-20531, assigned on 

April 14, 2022, Petroteq Energy, Inc., 3-20898, instituted and assigned on June 13, 2022, Electropremium, 3-21032, 

instituted and assigned on September 6, 2022. 

3

 The new assignments during this period were: Life Science Holdings, 3-20627, assigned on October 15, 2021, and 

DF Growth REIT II, LLC, 3-20801, assigned on March 31, 2022.

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. 

2
Matters Before the Commission (Commission Matters) 

10/01/2022 

03/31/2023 

04/01/2022 

09/30/2022 

10/01/2021 

03/31/2022 

Total Matters6 263 298 241 

 Number pending at start of period 231 170 180 

New matters added during period 32 128 61 

Dispositions (Total): 

 Opinions 66 52 47 

Other dispositions (e.g., settlements, 

dismissals)

187

 158 249

Total pending at end of period10 179 231 170 

Timing of Dispositions: 

 Median age at decision (days)11 175 212 167 

 

 

                                                            

6

 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. 

7

 These eighteen matters were resolved by settlement. 

8

 Eleven of these matters were resolved by settlement. 

9

 These 24 matters were resolved by settlement. 

10 This excludes one matter that was added during this period but then set for a hearing before an ALJ. Dispositions 

may also 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. 

11 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. 

3
Matters Before the Commission (ALJ Matters) 

10/01/2022 

3/31/2023 

04/01/2022 

09/30/2022 

10/01/2021 

03/31/2022 

Total Matters12 15 13 13 

 Number pending at start of period 13 13 13 

New matters added during period 2 0 0 

Dispositions (Total): 0 0 0 

 Opinions 0 0 0 

Other dispositions (e.g., settlements, 

dismissals)

0 0 0 

Total pending at end of period 

 Matters fully briefed at end of period 

15 

14

13 

13

13 

13 

Timing of Dispositions:

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

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

 Number decided within guidelines13 N/A N/A N/A 

 

                                                            

12 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. 

13 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. 

4
Matters Before the Commission (SRO Matters) 

 

10/01/2022 

03/31/2023 

04/01/2022 

09/30/2022 

10/01/2021 

03/31/2022 

Total Matters14 89 90 84 

 Number pending at start of period 83 75 67 

New matters added during period 6 15 17 

Dispositions (Total): 9 7 9 

 Opinions 4 3 4 

Other dispositions (e.g. dismissals)15 5 4 5 

Total pending at end of period 

 Matters fully briefed at end of period 

80 

67 

83 

71 

75 

65

Timing of Dispositions:

 Median age from close of briefing (days) 132 45 63 

 Median age at decision (days) 437 456 98 

 Number decided within guidelines16 5 4 5 

 

                                                            

14 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. 

15 This excludes two matters that were resolved by the Division of Trading and Markets. 

16 See supra note 10. 

5
Matters Before the Commission (Motions) 

10/01/2022 

3/31/2023 

04/01/2022 

09/30/2022 

10/01/2021 

03/31/2022 

Interlocutory Motions 

 Number pending at start of period 

 Number filed during period 

0 

0 

0 

0 

0 

0 

Number decided during period 0 0 0 

 Total pending at end of period: 0 0 0 

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

 Number decided within guidelines17 N/A N/A N/A 

Stay Motions

 Number pending at start of period 

 Number filed during period 

 Number decided during period 

0 

2 

2

0 

2 

2

0 

4 

4

 Total pending at end of period:

 Median age at decision (days) 

0 

13

0 

34.5

0 

21.5

 Number decided within guidelines18 2 1 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 

0 

0 

1 

1 

0 

0 

1

2 

0 

1 

1

 

                                                            

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

18 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. 

6