Require that all records entities (any person required by the CEA or CFTC to keep regulatory records) design, implement, and maintain written policies and procedures that would ensure that both the records entity and its officers and personnel comply with the records retention obligation set out in CFTC Regulation 1.31, which includes requirements that records be retained for five years and readily accessible during the first two years, among other things.

Clarify that regulatory records for swaps and related cash or forward transactions be retained from the date of creation until a period of not less than five years after the termination, maturity, expiration, transfer, assignment, or novation of the swap or related cash or forward transaction.

Require that, under CFTC Regulation 1.31(c)(2), oral communications for swaps or related cash or forward transactions be retained for a period of not less than one year after the communication is made.

Establish certain additional security and preservation controls for records entities that maintain records in electronic format.

Revise the right of inspection of records to state that all regulatory records shall be open to inspection by any CFTC or Department of Justice (DOJ) representative.

Differentiate the requirements for the production of records kept on paper versus those kept by other means; records kept exclusively on paper must be immediately produced upon request, whereas records kept by other means would be subject to certain processes by which the records entity would respond to a CFTC production request.

Preserve the existing right of the records entity to produce original copies of records to the CFTC representative for reproduction.

Remove the existing requirement in CFTC Regulation 1.31(b) that electronic records be stored in a non-rewritable, non-erasable format known as "write once, read-may" (WORM).

Remove the requirement that recordkeepers engage third-party technical consultants with respect to electronic data storage.