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The OCC, FRB, FDIC, FCA, and FHFA (each an Agency and, collectively, the Agencies) are adopting and invite comment on a proposed rule amending the Agencies’ regulations that require swap dealers and security-based swap dealers under the Agencies’ respective jurisdictions to exchange margin with their counterparties for swaps that are not centrally cleared (Swap Margin Rule). The Swap Margin Rule takes effect under a phased compliance schedule currently stretching from 2016 through 2020, and the dealers covered by the rule continue to hold swaps in their portfolios that were entered into before the effective dates of the rule. Those swaps are grandfathered from the Swap Margin Rule’s requirements until they expire according to their terms. The Agencies’ policy objective in developing the proposed rule is to (i) address the status of grandfathered swaps in the event of amendments resulting from a possible discontinuation of an interbank offered rate, (ii) remove the inter-affiliate initial margin provisions, (iii) clarify the point in time at which trading documentation must be in place, and (iv) potentially introduce an additional compliance date for initial margin requirements, (v) consider other technical amendments to the final rule.