Off-channel communications have been squarely in the SEC’s sights for nearly two years, and the Commission shows no signs of softening its focus. On August 8, 2023, the SEC announced charges against 10 Wall Street firms in their capacity as broker-dealers and one additional firm as a dually registered broker-dealer and investment adviser. The charges were for “widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications.” The firms agreed to pay penalties totaling $289 million. This article summarizes key takeaways from the SEC settlement orders and insights from industry experts. See “Messaging Apps Come Under Increasing Regulatory Scrutiny” (Jun. 7, 2023).