The SEC is firmly focused on the importance of keeping correct books and records in the face of regulatory scrutiny, as evidenced by its 2024 Division of Examinations Priorities.

The industry-wide problem of non-compliance was highlighted by SEC Deputy Director of Enforcement Sanjay Wadhwa in a statement from August 2023. He said, "We know that other SEC-regulated entities have committed similar violations, so our work to enforce industry-wide compliance continues." The charges brought to light show a pattern of using personal and unauthorized apps and devices for work conversations, failing to keep records of such communications as required by federal securities laws in the United States, and not following established communication standards and procedures.

Recently, MCO (MyComplianceOffice), a company that provides complete compliance software to assist reduce risks, explored the importance of e-communication preservation for businesses.

In February 2024, the SEC levied further fines for failing to maintain records totaling more than $81 million. These cases, which included investment advisers and broker-dealers among other financial organizations, point to a chronic and pervasive problem of non-compliance with electronic communication preservation regulations.

Additionally, a company was fined £5.41 million by the Office of Gas and Electricity Markets (Ofgen) in Great Britain for neglecting to keep and preserve electronic correspondence pertaining to energy trades. This demonstrated the global reach of compliance standards and constituted a noteworthy enforcement action under British regulatory obligations.

The importance of recordkeeping rules in maintaining market integrity and their modernization for the digital age have been underlined by SEC Chair Gary Gensler. Changes to SEC Rule 17a-4 allow for fully auditable electronic recordkeeping systems and ensure that communications are preserved in an unchangeable format.

International regulations, such as the FCA's requirements in the UK, MiFID II in Europe, and IIROC in Canada, set similar standards for the preservation of electronic communications, underscoring the global consensus on the importance of regulatory compliance. These regulations place an emphasis on recordkeeping and off-channel communications compliance, which is not limited to the U.S.

Regulators have made it clear that companies need to maintain records of all conversations inside their businesses and make sure that these documents are easily accessible for e-discovery and compliance verification.

The complexity of compliance increases with the development of communication technology. Businesses have to keep an eye on a variety of communication channels, including social media, email, and short-lived messaging apps. Emojis and acronyms add still another level of intricacy to these interactions, making sophisticated surveillance systems necessary to spot possible red flags.