Three years and well over $3 billion in fines into the SEC’s sweep of off-channel communications, the financial services industry is reeling at the intensity of the regulator’s scrutiny. The SEC’s unrelenting efforts have caused heightened concerns in the industry with some firms exploring whether they need to focus on two areas recently highlighted by FINRA: emojis and video communications. This first article in a two-part series offers an overview of the SEC’s ongoing scrutiny of off-channel communications to date, and contemplates why emojis and video communications may be areas targeted by the Commission and other regulators in the future. The second article will identify challenges that emojis and video communications present for firms attempting to record, retain and monitor those forms of technology, and suggest how firms can bolster their corresponding compliance efforts. See “Recent Developments in SEC, DOJ and Civil Litigation Efforts Targeting Off-Channel Electronic Communications” (Aug. 16, 2023).