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FHFA, jointly with the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Farm Credit Administration (the "agencies"), proposed and invited comment on amendments to 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 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 proposed amendments would: address the status of grandfathered swaps in the event of contractual amendments resulting from a possible discontinuation of an interbank offered rate; relocate the permissibility of amendments resulting from the QFC Rules; remove the inter-affiliate initial margin provisions; introduce an additional compliance date for initial margin requirements; clarify the point in time at which trading documentation must be in place and; address the status of grandfathered swaps in the event of contractual amendments resulting from portfolio compression exercises; and make other changes.