In yet another installment of its risk-based initiative (Initiative) to investigate registrants’ preservation of electronic communications on unapproved electronic devices and systems, the SEC reached a new round of settlements with 12 registrants for a total of $63.1 million in fines. As in other settlements under the Initiative, the latest respondents allegedly failed to preserve their employees’ off-channel communications and supervise employees with a view to preventing violation of SEC recordkeeping requirements. Separately, the SEC announced it had commenced a record-setting number of enforcement actions in the first quarter of its 2025 fiscal year, which ran from October through December 2024. This article discusses the increased enforcement activity and the eight settled enforcement orders. See our two-part series: “Could Emojis and Video Communications Be the Next Frontier of SEC Scrutiny?” (Sep. 19, 2024); and “Compliance Practices to Overcome Recordkeeping Challenges Caused by Emojis and Video Communications” (Oct. 3, 2024).