I don't know if (1) is true but the data was collected under previous laws. In my opinion laws like this should not be retroactive. Retroactive laws, especially when affecting billions of dollars of commerce, are unfair and draconian.
There is nothing retroactive here.
I don't really see where the age of the data you store comes into play.
In fact that attitude goes exactly against what the law is trying to achieve in the first place.
I think this is an important realization for any regulator.