Seems this is the cause for the delays
It does seem that they still trying to come up with a formula, see article below:
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SEC finalizing penalties for options backdating
By Brooke Masters in New York and Jeremy Grant in Washington
Financial Times - February 6, 2007
(c) 2007 The Financial Times Limited. All rights reserved
The Securities and Exchange Commission is nearing completion of a formula for punishing companies that improperly backdated stock options, clearing a logjam that has held up dozens of cases and frustrated its enforcement staff.
The SEC's staff negotiated a tentative settlement in the first stock options case, against Brocade, the world's largest maker of data storage switches, nearly a year ago, but the deal ran into trouble because commissioners couldn't agree on how large a penalty to impose.
Other cases have backed up because the enforcement staff did not want to suggest penalties until they had a better sense of what the commission would decide in the Brocade matter, sources familiar with the cases said.
The five commissioners are philosophically divided on the issue, but they agreed last year that penalties should be closely related to the financial benefit the company reaped from its misbehaviour.
Now, SEC economists are putting finishing touches on a complex model that measures the size of the benefit companies reaped from improper backdating of options. The Brocade case could come up for a vote in six weeks or two months and other cases could follow in quick succession.
The SEC is investigating more than 130 companies for backdating. The penalties fight has not affected efforts to punish corporate executives involved in the backdating because their personal economic benefit is easy to measure and fining them does not cause collateral damage to investors, SEC officials said.
The commission often wrestles with the first case in a new area because it is trying to lay down a model for other settlements. In 2003, the SEC drew criticism for settling its first market-timing cases with Putnam Investments without announcing a firm penalty because it was waiting for an economic study of the harm to investors.
The stock options divisions also reflect a larger split at the commission level. Two Republican commissioners oppose large fines because they could hurt shareholders who were already victims. Two Democrats argue that penalties deter misbehaviour and note that the money goes into a "fair fund" that is distributed to investors.
Christopher Cox, SEC chairman, has sought consensus based on whether a corporation reaped economic benefits, underscoring the need for a model in the stock options cases
Asked whether the commissioners were divided on stock-options penalties, Mr Cox said last week, "That's a case by case determination and in that respect not different from other cases generally."
The commission remains divided on penalties in cases involving issues other than options backdating. One source familiar with the matter estimated that up to 25 settlements - most not involving stock options - have been negotiated by the staff but are awaiting commission approval.
The SEC's stock options work also has been slowed down because it has to coordinate with the Justice Department, which is putting together criminal cases. One high-ranking source said, "We are not doing this in a vacuum. We are sometimes part of a larger government response in which case that's another overlay of complication."