On December 18th, the SEC approved new rules requiring the application of risk mitigation techniques to portfolios of uncleared security-based swaps. These new rules (15Fi-3, 15Fi-4, and 15Fi-5) establish requirements for registered security-based swap dealers and major security-based swap participants (SBS Entities) to: periodically reconcile outstanding security-based swaps with counterparties, engage in certain forms of portfolio compression exercises, as appropriate, and execute written trading relationship documentation with each of their counterparties prior to, or simultaneously with, executing a security-based swap transaction.