CELTIC chief executive Michael Nicholson has revealed the club played a "significant role" in the development of UEFA's Financial Sustainability Regulations.
The football governing body have begun a phased implementation of the new regulations which will replace the Financial Fair Play system currently in use.
The new rules will be phased in across the next four years and focus on "three distinct pillars".
Clubs competing in UEFA competitions will have to follow the three foundations; the no overdue payables rule, football earnings rule and squad cost rule.
The first rule concerns the protection of creditors and integrity of competitions by demanding payables to clubs, employees, social/tax authorities and UEFA must be settled by clubs by July 15, October 15 and January 15 in respect to fees due on June 30, September 30 and December 31.
The football earnings rule is described by UEFA as "an evolution of the existing break-even requirements".
The guidance reads: "To ease the implementation for clubs, the calculation of football earnings is similar to the calculation of the break-even result. Changes to the calculation of acceptable deviation encourage equity contributions rather than debt. The requirements are strengthened in that a club’s costs of relevant investments (infrastructure, youth development, etc) must now be covered with existing equity or contributions.
"The acceptable deviation has increased from €30 million over three years to €60 million over three years. The acceptable deviation can be further increased above €60 million by up to €10 million for each reporting period in the monitoring period for clubs showing good financial health."
The final pillar is the squad cost rule which restricts spending on player and coach wages, transfer and agent fees to 70 perc of club revenues.
This will be gradually implements wit the percentage lowering from 90 perc cent in 2023/24 to 70 per cent in 2025/26.
In the yearly accounts for Celtic, Nicholson's review of the year ending June 30, 2022, he shared Celtic's input into the new regulation.
The chief executive revealed Celtic were key players at a "strategic and technical level".
The relevant section of his review explained: "Secondly, UEFA introduced significant enhancements in financial governance by introducing new Financial Sustainability Regulations to replace the previous Financial Fair Play Regulations.
"These are being introduced on a phased basis from summer 2022 and have the effect of introducing more rigorous spending controls and more definitive sanctions in order to create a sustainable future for the European Club environment.
"Celtic played a significant role at a strategic and technical level in the development of the new regulations, continuing to demonstrate our strategy of participating and contributing to the future of the game at the highest level."
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