Current superscalar processors use a reorder buffer (ROB) to support speculation, precise exceptions, and register reclamation. Instructions are retired from this structure in program order, which may lead to significant performance degradation if a long latency operation blocks the ROB head. In this paper, a checkpoint-free out-of-order commit architecture is proposed, which replaces the ROB with a small structure called validation buffer (VB) from which instructions are retired as soon as their speculative state is resolved. An aggressive register reclamation mechanism targeted to this microarchitecture is also devised. Experimental results show that the VB microarchitecture is much more efficient than a ROB-based microprocessor. For example, a 32-entry VB provides similar performance to a 256-entry ROB, while reducing the utilization of other major processor structures.