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Asset managers and rating agencies are preparing for a potential wave of fines as the SEC expands its probe into the use of personal devices for company business. This investigation, which began in 2021, has already resulted in over $2 billion in civil penalties from Wall Street firms. In the latest development, the SEC imposed nearly $400 million in fines on 26 firms, emphasizing the regulator’s concern over poor record-keeping practices that could impact future investigations. The SEC’s probe, initially targeting investment bankers, now extends to major asset managers such as BlackRock, Blackstone, Invesco, and rating agencies like Moody’s. Some firms have already set aside millions to cover potential penalties. While the SEC intensifies its efforts under Chair Gary Gensler, industry advocates worry that the regulator may be overstepping its bounds. Asset managers, known for their risk-averse nature, may opt to settle and move forward, viewing these fines as a cost of doing business.