U.S. Securities and Exchange Commission

Securities Exchange Act of 1934

Release No. 65691/November 4, 2011

Report on Administrative Proceedings

For the Period April 1, 2011 through September 30, 2011

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, 2011 through September 30, 2011

Matters Before the Administrative Law Judges

04/01/2011-

09/30/2011

10/01/2010-

03/31/2011

04/01/2010-

09/30/2010

Number pending at start of period 57 47 39

New matters added during period 116 82 92

Subtotal 173 129 131

Dispositions: 112 72 84

Initial Decisions 20 8 10

Other dispositions

(e.g., settlements, defaults)1

92 64 74

Total pending at end of period 61 57 47

Initial Decisions: 22 9 10

Median age at decision (days) 208 173 146

 Number issued within guideline 

 or specified time period 15 8 7

Matters Before the Commission

04/01/2011-

09/30/2011

10/01/2010-

03/31/2011

04/01/2010-

09/30/2010

Review of ALJ Matters2

Number pending at start of period 9 6 7

New matters added during period 7 5 7

Subtotal 16 11 14

Dispositions: 6 2 8

Opinions 6 2 5

Other dispositions 

(e.g., dismissals)

0 0 3

Total pending at end of period 10 9 6

Dispositions:

Median age at decision (days) 201 245 266

Number decided within guideline3 4 4 4

 1 Includes all proceedings disposed of other than by an initial decision, including default orders that dispose of the entire 

proceeding. 2 May include review of initial decisions, review of other non-interlocutory ALJ matters, 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. 3 Guideline for matters appealed 7/17/03 or later is seven months, or 11 months if the Commission determines that a matter 

presents unusual complicating circumstances.
Matters Before the Commission

04/01/2011-

09/30/2011

10/01/2010-

03/31/2011

04/01/2010-

09/30/2010

Review of Self-Regulatory Organization Decisions4

Number pending at start of period 18 9 12

New matters added during period 6 12 7

Subtotal 24 21 19

Dispositions: 10 3 10

Opinions 7 2 6

Other dispositions 

(e.g., dismissals, remands)

3 1 4

Total pending at end of period 14 18 9

Dispositions:

Median age at decision (days) 278 250 206

Number decided within guidelines5 4 1 6

04/01/2011-

09/30/2011

10/01/2010-

03/31/2011

04/01/2010-

09/30/2010

Miscellaneous Matters

Interlocutory Motions:

Number pending at start of period 0 0 0

Number filed during period 0 1 0

Number decided during period 0 1 0

Total pending at end of period 0 0 0

Median age at decision (days) 0 112 0

Number decided within 45 days 0 0 0

Stay Requests:

Number pending at start of period 0 0 0

Number filed during period 2 4 3

Number decided during period 2 4 3

Total pending at end of period 0 0 0

Median age at decision (days) 9 32 26

Number decided within guidelines6 1 3 1

 4 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. 5 Guideline for matters appealed 7/17/03 or later is seven months, or 11 months if the Commission determines that a matter 

presents unusual complicating circumstances. 6 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.