Under prior leadership, the SEC targeted investment advisers and broker-dealers for recordkeeping failures, most notably those related to off-channel electronic communications. As a result, fund managers understandably have many questions about what specific records they may have to maintain, in what form and for how long. Adding further complexity are the myriad formats in which records now exist. This article summarizes the various records that fund managers operating under the SEC’s purview are required to keep and in what format; discusses the challenges of complying with the recordkeeping requirements; presents legal commentary on the significance of recent regulatory actions concerning books and records; and offers downloadable checklists that CCOs can use when reviewing the records they maintain to ensure they are in compliance with the recordkeeping requirements. See “SEC Modernizes Broker-Dealer Electronic Recordkeeping Rules” (Mar. 2, 2023).