In a statement published recently, ESMA announced its decision not to extend the existing grace period of 3 years for the non-financial firms’ use of non-collateralised bank guarantees to cover transactions in energy derivatives cleared by European CCPs. Therefore, from 15 March 2016 CCPs authorised under EMIR will need to fully collateralise commercial bank guarantees used to cover transactions in derivatives relating to electricity or natural gas. Concerned stakeholders ought to be ready to implement the collateral obligation regarding commercial bank guarantees by March 2016.