Federation Internationale de Football Association to introduce reforms for transfers loans once they receive approval

Aston Villa and England striker Tammy Abraham

Fifa said yesterday that its "landmark" reforms had been approved by its stakeholder committee, which features representatives of clubs, leagues, players and national associations.

Former players Cafu and Edwin van der Sar, outgoing Arsenal chief executive Ivan Gazidis and Premier League executive chairman Richard Scudamore are among the members of the Football Stakeholders Committee.

The main points of the new principles, which will now be put to the FIFA Council for approval at its next meeting on October 26, would see the creation of a clearing house to oversee and govern all transfers and ensure there is no fraudulent activity.

Mandatory introduction of an electronic transfer system at national level following the model in place for global transfers as well as of a domestic electronic registration system.

The committee also supported "new and stronger regulations for agents" including limits on how much they could earn and on how many different parties they could represent in a given transaction. The development of these proposals also followed a lengthy consultation process with a representative group of agents.

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But the Fifa Football Stakeholders Committee has agreed the as yet undetermined limit should be introduced for "the goal of youth development as opposed to commercial exploitation".

Solidarity contributions to apply to domestic transfers with an "international dimension". Everyone has contributed in a productive way to the discussions, understanding that this is a crucial matter for the good of football.

Fifa has taken initial steps towards trying to control the vast amounts of money being paid out of football to agents, agreeing in principle to discuss setting a limit on agents' fees. The Fifa Council will aim to sign off the proposals next month.

However, it did not mention a proposal in a white paper produced by its transfer system task force to create an algorithm to calculate transfer fees.

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