Prague, June 30 (IANS): The Union of European Football Associations (UEFA) Executive Committee has approved a new regulation system of Club Licensing and Financial Fair Play (FFP) to be in effect from 2015-2018.

As explained by UEFA president Michel Platini, a number of adjustments were approved during a meeting here to improve the financial situation of clubs, reports Efe.

"The new regulations are an expansion and a strengthening of FFP," Platini said on Tuesday.

FFP measures apply strict conditions for monitoring clubs' economic situations as well as monitoring business transactions. UEFA argues the updates will encourage further growth and development by adjusting limits, taking into account the economic environment and the experience gained in recent years.

The FFP adjustments also seek to prepare clubs of problems that may arise from economic crises or structural deficiencies and promote more responsible investment.

The new regulations put a spotlight on youth and women's football with specific attention paid to educational programmes that warn of the dangers of match fixing; youth and women's football development expenses are also exempt from FFP calculations.

"The overall objectives of FFP remain the same. We are just evolving from a period of austerity to one where we can offer more opportunities for sustainable growth and development," Platini said.

"The FFP rules are a very important tool for clubs to control their economic situation," president of European Club Association (ECA) German Karl-Heinz Rummenigge said adding that "ECA calls on clubs to keep on supporting the FFP system and to work within the framework of the new FFP rules" which will go into force starting Wednesday.