London, September 26: Football's global governing body has moved closer to a reform of the transfer system after a key committee backed proposals to restrict loans and limit agents' fees.
The stakeholders committee, featuring representatives from clubs, leagues, players and national associations, also approved a plan to create a clearing house to process transfers, following a meeting in London.
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.
FIFA said it was agreed that loans should be used for the "purpose of youth development as opposed to commercial exploitation" and there should be a limit on the number of loans each club could make in a given season.
Football stakeholders endorse landmark reforms of the transfer system: https://t.co/IYQdQtiKyr— FIFA Media (@fifamedia) September 25, 2018
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.
FIFA said the clearing house would be to "process transfers with the aim of protecting the integrity of football and avoiding fraudulent conduct."
"We have brought everyone to the table and all key actors of the industry have understood that we need to take action, leading today to this reform proposal," said FIFA president Gianni Infantino in the statement.
"This is a significant first step towards achieving greater transparency... and developing a consensus on how to tackle the issue of agents, loans and other key aspects of the transfer system."
(With inputs from Agencies)