It’s tempting to see 2025 as a quiet year for SEC recordkeeping enforcement. After all, there’s been no drumbeat of new SEC recordkeeping fines since January. But the truth is more complex — and more urgent.
The year began with a decisive move: 12 firms — including Blackstone, KKR, Schwab, Apollo, Carlyle, TPG, Santander, and PJT Partners — paid a combined $63.1 million for failures to preserve electronic communications. Most were cited for off-channel messaging on platforms like WhatsApp and iMessage. One firm’s penalty was reduced to $600,000 because it voluntarily self-reported.
On the same day, the SEC announced a separate $45 million settlement with Robinhood, tied to a mix of compliance failures — from recordkeeping lapses to cybersecurity vulnerabilities and reporting violations.
Since then? No new fines for recordkeeping violations in 2025. But that’s not a reprieve — it’s a reset.
What the Pause Really Means
-
Enforcement Cycles Are Strategic
Regulators often follow a high-impact wave with a period of recalibration. That “quiet” time allows them to refine exam priorities, integrate new tech, and reassess where the next pressure points will be.
-
AI is Moving to the Center of Oversight
The SEC’s 2025 exam priorities name artificial intelligence alongside perennial areas like cybersecurity, Reg BI, and fiduciary duty. The focus is no longer just “Did you archive?” but “How effectively did you detect and manage risk?” AI’s role in reducing false positives and surfacing high-risk content faster will be a key differentiator.
-
Self-Reporting Is Still a Shield
The January settlements proved it: firms that self-report violations can significantly reduce penalties. This is a leverage point compliance leaders should not overlook.
-
Marketing Rule Is Still in Play
While 2025 hasn’t brought any Marketing Rule fines so far, the SEC updated its FAQs in March with new guidance on interim and extracted performance. FINRA’s oversight reports continue to reference advertising and communications as exam points. Any firm using performance in marketing should treat these updates as a live compliance requirement.
The Bottom Line
The absence of mid-year fines isn’t a free pass — it’s an opportunity. When the next enforcement wave hits, the question won’t be whether you captured communications. It will be whether you were proactive, adaptive, and able to prove it.
If your communications archiving and marketing review workflows haven’t evolved in the last 12 months, you may already be behind.
