U.S. Immigration and Customs Enforcement ("ICE") has taken the position, through it's Office of the Chief Counsel, to move to terminate or "dismiss" removal proceedings where there is an immediately available, pending petition or application. This will apply to those cases where there are no public safety, security, or fraud concerns. The ICE Memo formalizes a process that has already been in place.
The termination of proceedings does not mean that an individual is not subject to deportation or removal. If after termination an individual is denied residency then removal proceedings can be reinstated.
ICE's formal position is in no way amnesty. It is designed to ease the burden on the Executive Office for Immigration Review, or the Immigration Court, by terminating proceedings so that USCIS can adjudicate pending petitions or applications.