124 STAT. 1789 PUBLIC LAW 111–203—JULY 21, 2010 telephone calls, for such period as may be required by the Commission by rule or regulation. ‘‘(2) INFORMATION REQUIREMENTS.—The daily trading records shall include such information as the Commission shall require by rule or regulation. ‘‘(3) COUNTERPARTY RECORDS.—Each registered security- based swap dealer and major security-based swap participant shall maintain daily trading records for each counterparty in a manner and form that is identifiable with each security- based swap transaction. ‘‘(4) AUDIT TRAIL.—Each registered security-based swap dealer and major security-based swap participant shall main- tain a complete audit trail for conducting comprehensive and accurate trade reconstructions. ‘‘(5) RULES.—The Commission shall adopt rules governing daily trading records for security-based swap dealers and major security-based swap participants. ‘‘(h) BUSINESS CONDUCT STANDARDS.— ‘‘(1) IN GENERAL.—Each registered security-based swap dealer and major security-based swap participant shall conform with such business conduct standards as prescribed in para- graph (3) and as may be prescribed by the Commission by rule or regulation that relate to— ‘‘(A) fraud, manipulation, and other abusive practices involving security-based swaps (including security-based swaps that are offered but not entered into); ‘‘(B) diligent supervision of the business of the reg- istered security-based swap dealer and major security- based swap participant; ‘‘(C) adherence to all applicable position limits; and ‘‘(D) such other matters as the Commission determines to be appropriate. ‘‘(2) RESPONSIBILITIES WITH RESPECT TO SPECIAL ENTITIES.— ‘‘(A) ADVISING SPECIAL ENTITIES.—A security-based swap dealer or major security-based swap participant that acts as an advisor to special entity regarding a security- based swap shall comply with the requirements of para- graph (4) with respect to such special entity. ‘‘(B) ENTERING OF SECURITY-BASED SWAPS WITH RESPECT TO SPECIAL ENTITIES.—A security-based swap dealer that enters into or offers to enter into security- based swap with a special entity shall comply with the requirements of paragraph (5) with respect to such special entity. ‘‘(C) SPECIAL ENTITY DEFINED.—For purposes of this subsection, the term ‘special entity’ means— ‘‘(i) a Federal agency; ‘‘(ii) a State, State agency, city, county, munici- pality, or other political subdivision of a State or; ‘‘(iii) any employee benefit plan, as defined in sec- tion 3 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1002); ‘‘(iv) any governmental plan, as defined in section 3 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1002); or Compliance.