MyComplianceOffice states that businesses, including smaller ones, should prepare for ongoing, vigorous enforcement. The SEC has always emphasized the value of recordkeeping and communications compliance, particularly in monitoring off-channel interactions, as evidenced by its Division of Examinations 2024 Priorities.

In a press statement from August 2023, SEC Deputy Director of Enforcement Sanjay Wadhwa stated, "We know that other SEC-regulated entities have committed similar violations, so our work to enforce industry-wide compliance continues."

Employees using unauthorized apps and personal devices for business communications, companies failing to preserve these communications in compliance with U.S. federal securities laws, and widespread non-enforcement of communications compliance policies are common themes among the more than 30 charges released by the SEC between December 2021 and August 2023.

Furthermore, off-channel conversations were widely used by staff members across all tiers, from young associates to top executives. Senior management also made a noteworthy error in failing to provide a proper example at the top in order to deter wrongdoing.

The SEC issued further recordkeeping fines in February 2024, totaling more over $81 million in civil penalties. Five broker-dealers, seven broker-dealers and investment advisers who were dual registered, and four related investment advisers were charged for the businesses' and their employees' repeated and chronic failures to maintain and preserve electronic communications.

The Wall Street Journal revealed in May 2024 that three large private equity companies had been assisting the SEC with its investigations into employee communications failures to preserve and monitor, as revealed in their quarterly reports. The SEC and these companies have been in discussions on possible remedies.

According to SEC leadership, fines may be lowered if infractions are proactively found and self-reported. To have a better understanding of the consequences and advantages of proactive compliance, firms should study up on how the SEC determines fines for violations of recordkeeping and off-channel communication.