UNITED STATES SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934

Release No. 93468 / October 29, 2021

Report on Administrative Proceedings

For the Period April 1, 2021 through September 30, 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 April 1, 2021 through September 30, 2021

Matters Before the Administrative Law Judges

04/01/2021

09/30/2021

10/01/2020

03/31/2021

04/01/2020

09/30/2020

Number pending at start of period 9 16 26

New matters added during period 21 32 33

Subtotal 11 19 29

Dispositions: 13

Initial Decisions4 3 65 4

Other dispositions

(e.g., settlements, dismissals)6

1 4 9

Total pending at end of period 7 9 16

Initial Decisions:

Median age at decision (days) 272 617 345

Number issued within 10 months 2 3 0

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

20454.

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

Transfer, LLC, 3-19303, assigned on01/26/21; and Rosedale Asset Mgmt., LLC, 3-20220, assigned on 02/05/21.

3 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.

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.
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Matters Before the Commission (Commission Matters)

04/01/2021

09/30/2021

10/01/2020

03/31/2021

04/01/2020

09/30/2020

Total Matters 7 346 289 319

Number pending at start of period 209 273 194

New matters added during period 137 16 125

Dispositions (Total):

Opinions 144 63 36

Other dispositions (e.g. dismissals) 228 179 1010

Total pending at end of period11 180 210 273

Timing of Dispositions:

Median age at decision (days)12 334 501 377

 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 Seventeen of these matters were resolved by settlement.

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

first issued for this reporting period.

10 These ten 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.
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Matters Before the Commission (ALJ Matters)

04/01/2021

09/30/2021

10/01/2020

03/31/2021

04/01/2020

09/30/2020

Total Matters 13 13 14 14

Number pending at start of period 12 13 11

New matters added during period 1 1 3

Dispositions (Total): 0 2 1

Opinions 0 1 1

Other dispositions (e.g. 

dismissals)

0 114 0

Total pending at end of period

Matters fully briefed at end of 

period

13

13

12

8

13

8

Timing of Dispositions:15

Median age from close of briefing 

(days)

N/A 634 533

Median age at decision (days)16 N/A 790 627

Number decided within 

guidelines

N/A 0 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.
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Matters Before the Commission (SRO Matters)

 

04/01/2021

09/30/2021

10/01/2020

03/31/2021

04/01/2020

09/30/2020

Total Matters 17 77 68 67

Number pending at start of 

period

61 57 56

New matters added during 

period

16 11 11

Dispositions (Total): 10 7 10

Opinions 4 4 8

Other dispositions (e.g. 

dismissals)

6 3 2

Total pending at end of period

Matters fully briefed at end of 

period

67

56

61

52

57

26

Timing of Dispositions:

Median age from close of 

briefing (days)

196 516 289.5

Median age at decision (days)18 518.5 694 386

Number decided within 

guidelines

6 2 3

 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.
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Matters Before the Commission (Motions)

04/01/2021

09/30/2021

10/01/2020

03/31/2021

04/01/2020

09/30/2020

Interlocutory Motions

Number pending at start of period

Number filed during period

0

0

1

0

1

0

Number decided during period 0 1 0

 Total pending at end of period: 0 0 1

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

Number decided within guidelines20 N/A 0 N/A

Stay Motions

Number pending at start of period

Number filed during period

Number decided during period

0

2

2

0

3

3

0

0

0

 Total pending at end of period:

Median age at decision (days)

0

74

0

14

0

N/A

Number decided within guidelines21 0 2 N/A

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

0

2

1

1

0

2

0

1

0

1

 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.