The Commission first proposed in 2011 requirements for initial and variation margin for swap transactions that are not cleared, as required by section 731 of the Wall Street Transparency and Accountability Act of 2010.  Subsequent developments in global efforts to harmonize international standards for margin for uncleared swaps led to a substantial revision of the previous proposal.  To give interested parties the opportunity to comment on those changes, the Commission has issued an updated proposed rule.  The Commission concurrently issued an Advance Notice of Proposed Rulemaking to seek public input on several potential alternative approaches to the cross-border application of these margin requirements.