I really wish you a successful day two I'll be back on stage a bit later on Mario but please put your hands together and Mario Flores thank you [Applause] uh thank you thank you very much uh it's a pleasure and honor to be here thanks to all the people that transfer room for inviting me uh so for the last for the next 30 to 35 minutes I will go through the new agent regulations and the main principles that will cover those regulations probably you've seen them already published at fifa.com so the main goal is to make this as practical as possible so the theory everybody can read it everybody can go to the regulations and read what it says but I think it's important that you think about practical issues that you may encounter under these new regulations and that then you ask that question uh I promise I will launch the best of my abilities uh I hope that that correctly uh so first I think it's important to do a bit of a background uh as you can see this is a long long process that started in September 2019 when the so-called FIFA football stakeholders committee approved the main principle that would govern the new far as is called the football stakeholders committee is just that people are standing committee that has the main stakeholders in football including of course the ECA but on not only clubs they also have the fifth from the player the national associations the leagues and the energy stage that will also agencies involved so this was a process that involves three different drugs on the on the of the far just to end up the final draft that was approved by Tech Council in December of 2022 now we are in the part that is called the licensing period that FIFA call set which is only some parts of the regulations have entered into Force mainly those related to how a nation kind of take the license when they have to pass the exam where uh to pay the annual license fee Etc and then the full entry into Port will be in October of 2023 whereas that day every agent that wants to perform Asian Services will have to be licensed and all clubs and players are going to engage an age and need to make sure that he or she is properly licensed uh so I think as a bit of a context it's important to mention that everybody speaks about the app and and so on so forth but this is a relatively complex piece of legislation that has many obligations to old uh participal agent clubs and players included and therefore it's important that you bear in mind this do not only focus on the gaps really focus on all the other aspects that this entails and these are more or less the six principles that I I drove on drawn up from these regulations I will go through them all but it's important to have a bit of a road map on this so to start the requirement for the license now the license will be a worldwide license which means that if you any agent that has a different language will be able to perform football agent services in the entire world as you know now you need to be registered in this National Association on the so-called uh regulations of working with eternities those will be repealed and now after your pages FIFA lines you will be able the agent will be able to to perform their services worldwide there is some character requirements eligibility requirements one of which for example is that if you have a criminal record you are completely out so a person that has a criminal conviction cannot be an agent there's orders that you can find is inaudible site those are an exhausted list or if you have a an agent has a doubt about this can go through them the exam we understand that it's a 75 passing Mark uh the latest uh data that we have from FIFA from the mock test because the agent can do mocked is that around 80 percent of potential agents are failing to meet this Mark so let's see when the time comes and houses and they're also going to be what is called continuous professional development which is a courses basically that an agent will have to go to the uh to the life of the license in order to continue being eligible uh so let's start with the principles of course the first one is one agent per part so this is the starting point on the population regulations everybody involved in a transaction has to have their own agent of course every General who has uh has uh their exceptions and they go with a friend which is the multiple representation now here you have a gate where I don't know if you are familiar with that pair but what's a very colorful Mexican players of the player of the 90s you've been challenges by six that's the Raiders and this uh little agent here has a representation agreement with baziktas as a releasing plot and the player as uh and the player is this allowed this would not be allowed under the new regulations and maybe cannot represent the releasing club and the player in the same transaction of course all the parties is also will also be be forbidden this is a bit of an obvious in my view at least conflict of interest now the representation will be allowed if an agent represents the engaging plot and the player here of course in that bldpl scenario is that that agent will represent the new club in the transfer agreement with the releasing club and the player in the negotiation of the employment content so it's even if it's a dual representation it's a bit of a two-step kind of process first you negotiate the transfer agreement on behalf of the new club and only thereafter you negotiate the employment coaches address further further limits to the actual multiple representation so here you have a case where Rangers will offer the player a 200k U.S dollars contract of one year of course I will go on to this but the commission industry will be 10 I will explain why which is 20K now imagine that the parties agree that Rangers will pay 15K of that commission and the player will only be a public science case this is not allowed in case of dual representation each the a new club campaign up to 50 percent on the total commission they cannot pay more so maximum the club will have to pay 10K and the player will be obliged to pay the other 10 locations so there is a further limitation uh the regulations foresee a figure called connected football age so basically a connected super Legends are two agents that for example are employees of the same agency that have some kind of partnership between each other that are related in terms of blood for example siblings and that and a son uh I think it goes until the first or second level I don't have now in my mind all that they have worked together in the past for more than one occasion this is called connected football Vision if two connected football agents act in the same transaction they are bound by the same rules of multiple representation so in this case the best way to work for the same agency each transaction will not be allowed because it will be connected simple agents acting for the releasing entity and the player which is a multiple representation that is not allowed of course if they both work in different agencies I have no connection whatsoever then there is no problem uh so those are multiple representation kind of rules in general now let's go to the example commissions with the elephant in the room I guess so to the general rule is this an agent that represents the engaging Club is 10 of the transfer feedback an age representing the player is three percent of the growth and remuneration and the nation representing the engagement is also a three percent of the gross annual remuneration now the remuneration it's important that I make this distinction includes every payment due to the player including conditional payments with the exception of toothpicks Salon feeds so if a player retains what is called their economic rights that percentage will not be included in the commission or any any other kind of benefits such as accommodation and vehicle uh housing Etc so those kind of things would not enter into the gross elimination conditional payments do and it's important that you remember this for a thing that I will explain a little further on now in case of dual representation these three percent goes up to six percent uh of the growth rate narration the one of the releasing Club does not change now there is as you remember in the first one of the first light we saw that the engine was entitled to 10 and this happens when the commission question annual remuneration of the player is equal or less than two hundred thousand dollars annually they tap on the commission goes from three percent to five percent so it's one of the situation where the cup goes higher in case of dual representation this goes of course to ten percent so in the example that we saw because if it wasn't in 200 000 that means that that agent was intelling to receive ten percent of the girls remuneration uh this is where the uh the regulations start to be a bit complicated the cap is not a fixed cap it's why it's called that Progressive [Music] is more than 200 000 the first two hundred thousand of the of the commission will be guided on the five percent so if application as an example of one million gross annual salary five percent will be calculated on the first two hundred thousand and the three percent of the remaining eight hundred thousand so it's not three percent of the entire amount is always at five percent or ten percent on the first two hundred thousand of their generation and then on the remaining that you will apply the general three percent commission uh so to give a bit of an example of how this will work in practice we have the same uh the same situation about the player being transferred to to basically the rate of let's say that Raiders offers him an annual uh contract of 1.2 million which is stable in 12 equal monthly settlements of 100k from 1st January 24th until December 24th now the commission is 40k and this is one of the examples I was telling you before is 40K is not three percent of 1.2 million 40K is supplying five percent to the first two hundred thousand and then applying three percent to their extra one million that's how you get the commission there is also some limit as to how this commission is to be paid as far as we understand nowadays agent always usually asks for the entire Commission of France and this is obviously because once they get the commission of fraud then of course they don't mind what happens in the duration of the contract it was felt that this needed to be limited therefore the commission needs to pay paid first only after the relevant registration period has closed so for example if I play this if it's a transaction occurred in January 24th so only once that registration window has closed then the payments of the commission can start and they need to pay need to be paid in installments every three months so you cannot pay us across in one installment which means that the Commission in this case will have to be paid like this you will have to be paid at first uh 13 the 13 000 Euros and then three payments of nine thousand Euros the first payment is higher because again the first 200k you apply a higher commission so this first payment will be higher this is mandatory clubs are not or parties in general not allowed to deviate from this payment mechanism by means of a construction arrangement uh now let's imagine that this player was transferred in the summer so they contact was one year but after six months he couldn't really adapt to Rangers and then Raiders decides to transfer even further and this is some healing requirement and he's transfer in July 2024. now the regulations provide that if the player is transferred so if the negotiated contract ends because the player is further transferred any commission that has has not followed you by then is not still so in this case the agent will not be entitled to receive all the global obliged paid these two installment because they have not followed you when the player was transferred the logic behind this is that it is assumed that the agent of the player is the same so whenever he's transferred to another club that agent will receive this part of the commission but under the new contract otherwise he would receive the commission twice because of course when he struck for the player he will also receive permission from that new transfer and so he will be paid twice the commission for the sake a period of time this is the reason behind this so this goes to caps now if we move to the client base principle so again same as every one agent per bodies each client has to pay his own agent this is the general group there is an exception similar as in the higher Commission if a player is earning equal or less than 200 000 annual gross on your regeneration then in each scenario the club is inside or is permitted to pay the commission that is otherwise you by plane now there is a bit of a Nuance here and these two things that I wanted to to discuss I hope remember that I told you that the conditional payments are counted for the gold remain range so they are included in the remuneration on which the commission is calculated however to determine whether it's less than 200 000 or not and therefore that the player because you do not take place into account so imagine a player that is earning 150 000 fixed salary plus a hundred thousand uh conditional patients because of gold score or whatever that you think of that would make the entire remuneration of 250 000 an intended time remuneration the commission would be calculated however given that the fixed remuneration is less than 200 000 in that case the clock can still pay only how the plane again this computational payment is taken for the entire remuneration to calculate but it's not taken into account whenever you have to determine whether the club can pay on behalf of the trade and that has a second uh a second implication that I probably should have mentioned during the caps but it works the same with the Caps if you have a player that is earning 200 000 fix and has conditional payments of one hundred thousand so a total amount of three hundred thousand the remuneration of the agent will be calculated of the entire three hundred thousand and the five percent will apply also on the entire three hundred thousand because to determine if the three percent of the five percent applies you do not consider the conditional payments which means that there is an incentive to have more conditional payments for all partners because the agent knows that if you have a conditional payment that will be included in your commission and it's not gonna count towards whether the five percent or the three percent Plus uh if it's not clear you can come to me after so I can I can go into more detail with with this uh so we go to minor players there is also a bit of a there is also a bit about uh registrations about from this minor case so imagine that you have uh Mourinho it's a Brazilian born on versus March 2009 uh sporty has some scouting that actually has looked at this player and it's interesting in the player they approach another aspect is the minimum age in Portugal to sign an employment doctor is 16 years old so of course Emmanuel is yet to reach that age nevertheless sporting goes to agent that says I want you to approach this player and convince him to come to Portugal and join my Academy this is not allowed so any approach to a minor can only be made at least six months before he can sign a contract in the globe where he is intended to be registered or employment so in this case because it's more than six months before he can actually do that this is not allowed you cannot approach a minor player than this circumstance and this is one of the only one of the few Provisions where there is an explicit sanction so if you see the regulations it's usually refers to the disciplinary committee to actually both sanctions of violation this is one of the few that has actually implicit and basically it's a fine blood cell suspension of the license for two years now of course it's I guess some of you or most of you are thinking about well yeah this looks very nice and especially cloths actually have approached me and say well it looks very nice but it's not gonna matter because people are simply going to circumvent the regulations because that's how it always happens uh so first I I to be honest I don't think that's about an argument because otherwise what you have any regulations or even loss at all but leaving that aside is the regulations do foresee several enforcement Provisions that are aimed to ensure that the regulations are not circumvented of course this will happen and people will try to circumvent but it's not gonna be that easy at least in mind so you have like four uh kind of things around you have the online platform now I said DMS therefore I I watch the products at different platforms so all representation agreements will have to be uploaded in this platform or licensing people will have to be registered in that platform uh what's called other services agreements so for example you conclude a scouting agreement with an agent that you're a club and you find a scouting agreement with an agent you also have to upload this agreement onto this platform you have a Clearing House at the moment you heard about it her clearing house and now it's operational an ultra no solidarity and training reward statements are being processed through the Clearinghouse the goal is that for the commissions also be processed to the Clearinghouse this is a middle term objective as far as I understand so in October when all these things starts to kick in this is not yet going to be operational so payments will have to be made directly between parties but the goal is that eventually the commission will be paid through the Clearing House as I was mentioning you have several obligations to post on all parties and you have a list of according to the district of heavy sanctions now our understanding is that FIFA will really need to go hard on the first cases that they found a breach of this otherwise the message will be complete will pay a lot of attention to this so to give a bit of an example of how this may work in front so you have again our our little player being transferred this time from Breakers to sporting uh he has a nation that is going to act 4 sporting and appear in the central section he is properly licensed you have a contract of three years for 30 million he's gonna pay the max commission each one is going to be 50 so all is good suddenly it comes out that there was a stout in agreement that was signed between the agent and sporty right about scouting agreement basically said that the player with the agent was entitled to x amount of money whatever you can think of for scouting services and this comes by weekly let's say now what happened then so there are several Provisions in the age regulations that will come into place first as I was mentioning the regulations foresee what is called other services so any other service that you can think of that an agent can provide to a club are including another sense the most obviously in legal scouting services financial planning planning accounting negotiation of commercial contracts because it's important to bring my image rights Agreements are not covered by the fire so any negotiation of an agency of an image agreement will be outside of the scope of the car however there will be it will be other services so you have to upload it in the platform as I was mentioning you have to upload in the plan any agreement that includes other services now the regulations provide for an assumption that any other service provided within the 24 months either before or after or the transaction is steam included as football agent services so if you can understand agreements that was concluded within the 24 months either after or before or the main transaction that money pay will be considered part of the commission the parties will have the possibility to wrap up that presumption by proving that those Services were actually provided and that they are not overvalued so for example in this case I will probably go and say uh will start an investigation against B agent at sporting and will basically first say hey I noticed the discounting agreement it was public you have to upload it in platform and it's not you need to explain me why it's not then they will request the agent to provide evidence that this scouting agreement was actually performed so that the agent perhaps traveled to some academies maybe flight tickets maybe reports whatever written evidence that you can think of those will be required to make to group he's the agent doesn't prove this or is not he has not comfortably satisfied that it has been proven that FIFA will consider the payment of the scalping fee as part of the commission and of course if the agent was already earning the maximum commission that payment will make it bridge the gap and sanctions will be imposed so that is why it's not gonna be so easy to actually circumvent the cut by means of concluding separate techniques and the same applies for legal services financial planning and other other aspects that I mentioned ah so this is the other point that has been raised recently is how these regulations will affect existing representation agreements so roughly speaking you have these four kind of scenarios on the left hand side first you have a representation agreement that was sent before 16 December 2022 that is when the council approves the far you have places where the representation agreement one side before 16 December but the transaction occurred before the late and October so for example all transactions that will be happening during this next summer and then you have representation agreements signing where both the transaction was sent after October and the entire representation agreement was signed after October now the easy basic party is the secretary first and second and the last two right oh in one which the first one not doesn't matter when a transaction applies if the representation agreement was sent before this day the form will not apply so if an agent and a player have a representation agreement that was let's say from the summer 2022 until the summer 2024 and the previous transfer in January 2024 and that agent has a 10 commission that's still possible it's not going to be a problem because that representation agreement was signed before December 2022. of course that has implication which is that Peter would like jurisdiction over everything so if the period of pay the agent the agent can go to FIFA to seek release they will have to go wherever International court or they pass or is the same they apply ing for stationary and was signed after October of course it applies to full if the transaction also was sent after October it applies cool now the tricky part is those representation agreements have been signed between December 2022 and October 2023. so in those scenarios what you need to focus both clubs and agencies when the transaction actually occurs so if an agent for I I have some examples so if you have a July 2023 representation agreement as I was mentioning the negotiating contract starting January January 2024 with a 20 commission now in this case the representation agreement was signed after December but before October now of course then in principle that representation agreement is not covered by the by far because it's before October however the transaction occurred after October the transaction means the actual uh transfer agreement negotiation of employment contract Etc if this is a case then you'll not allow this because the transaction even if the representation agreement was signed before October the transaction occurred after October and the 24 commission breaches the cut another example is if you have a three-party representation agreement in July 2023 and the commission is paid in October and July foreign why because the transaction occurred before October so even if the payments will failed you after October the transaction occurred before October so remember what matters the most is when the transaction actually occurred whether the payments fold you after this it doesn't really matter uh so I mean this is just uh I think at the end of the presentation just to give a bit of a I take the Liberty to mention that these are the legal services that we provide uh we actually mostly are focused on our members of course on the ACA members nevertheless if we have the capacity we hold times also try to assist other clubs uh of course if you feel free just please contact us whenever you want and those are our contact details we are three I deal with sports legal we also have a general counselor that couldn't be here unfortunately and our head of Commercial Legal so please don't hesitate to reach out if you have any any questions around this questions [Music] and thanks I hope that is thank you very much Mario we saw um people taking notes and uh taking a few pictures um we have about 20 minutes before we're going to release you for a break so I'll kick off the questions and we have got a member of the team roaming around with a microphone so please just raise your hand and um Mario would you expect to answer so um just based on everything you said there what do you think the biggest challenges will be in the negotiation process with agents with clubs from the new rules yeah I think the first thing is is a reckon for all parties that inevitably this is going to change a bit of the industry and basically the practices that now are that has a third for the past few years I gotta have to change uh that is a good thing because that's actually one of the objectives of the regulation to actually modify the behavior of a football industry when it comes to negotiating content so I guess the first challenge is that is cultural challenge you need to change that mindset which sometimes is from experience not only football but in other aspects of life is quite challenging and the second I think those and the second one is to actually get into the technicalities of the regulations I mean as I try to explain as clear as possible nevertheless it's not so clear still so we need to see how quick I will interpret those regulations um just give an example now that are actually even even caught me by surprises detailed release a q a that is quite extensive so if you have any any doubts you can go and check and one of those q a actually FIFA seems to suggest that to deduct the commission that is that a player owes to a to an agent from his Employment contract is allowed so that actually a call can actually deduct from the remuneration the commission and then pay the agent but it might be that's exactly what it's not supposed to be allowed because into the substance then it's the global Philippines and at the end of the decline phase the objective was to educate players because there's sometimes they sign that you care I don't care how much you you pay my agent just pay directly so if this is allowed that could potentially being conflict with that educational objective so again this is something that will be developed and of course the final point is this is being challenged now as I understand there is challenges opening Belgium in Germany uh potentially the Netherlands some agencies are not happy with this and that's a bit of uncertainty right because everything that I talked to you about maybe doesn't happen because is quite confident we were involved in the process we are also quite confident about the legality of this but it's also kind of certain that that is a bit of a challenge are you able to just go a bit in depth of what those challenges were from those few countries that they've raised well we're not familiar with the opportunities at all we just are aware that they are they were filing these courts seeking what is called an injunction so seeking for a court to order that those regulations do not apply in their own territory for I mean one can hypothetically speak or maybe I can see you Lord I don't know which legal argument they may be used but that's a bit of the general challenge okay so TPC in that area essentially yeah okay were there any questions in the audience yeah thank you hi thanks for the presentation my name is I'm an agent I will be quick I only have like 20 25 questions all right first of all about the payment structure from the player I think it will be very difficult because where are we invoicing and how is it how how is the expense from the player calculating you know it's not so easy I think from the practical way so allowing the club to pay on behalf of the player maybe still is the right way to do it okay so the question is in an extension of the contract of an existing contract are we still eligible to get money from both sides like three and three percent that's okay yes and then they write the last one a cellular okay the payment structure that you mentioned before probably is unconditional of the player leaving the club earlier because you're already getting the money from the selling Club I mean yes but the payment structure is there any structural method or you can just get the money in front now as far as I understand this whenever it's a releasing Club the commission is there's no mandatory Provisions about it it has to be made after the closure of the registration window for sure and it has to be Pro rata in accordance with the transfer fee okay so if the transfers in Spain find installments let's say you're going to pass to you you cannot get everything all the of the commission you have to receive the commission for that important with and I guess the same goes to the conditional payments in a normal contract you receive them when after the the player gets the money or like at the end of the season or as an extra payment calculated two months after the end of the season so there's two aspects to consider it first is the general rule that I was mentioned is that three more every three months so if the parents I mean they arrest do I need States you know the personally on a monthly basis so even if they're doing the first two months already receive that money which out of which the commission will be calculated you cannot get paid until the three months have passed the second one is it's only the actual money received so you have a conditional payment and it's only triggered on month 4 let's say because of gold score for example so on one four that commission will be due now but you also have to wait to the next payment which is two months before and then the calculations and the invoices I think is a bit complicated to be honest yeah I mean one but I hate doing disclaimers because I have I'm here to answer questions but Don't Kill the Messenger Lisa is this we had some input we try to make it as reasonable as possible but certainly it's gonna be complicated thank you very much thank you for that question we've got one at the front here please uh Maria don't worry I'll be your bodyguard okay thank you hi my name is Chris um just a scenario let's say that I have a player he doesn't have a lot of money by using whatever and then the club approaches me my own players say okay we want to sell your player uh can you please go on the market and see if you can find a club who wants to buy it now I have a representation agreement with the player and I basically need to help the selling Club to celebrate um what I can do now I'm gonna terminate the contract with the player and help the club or am I gonna help the player and help the club at the same time and who's gonna take great place so we like let's start with the easy one and then I try to move to this FIFA calls when these transactions are done in bad phase FIFA calls it switching I guess you you know maybe even more than me which is that you are the agent of the player and then you switch on the transaction to represent releasing club and then you switch them in this in the scenario that you mentioned is nothing prevents you as far as I remember to have different representation agreements the multiple representation is forbidden in that per transaction basis so first if you if you need you have a representation agreement with a player you can still sign a representation agreement with a club for a different transaction let's say just I'm sorry the problem is that if you represent the degrees into a conduction section you will be fragmented from representing the player on the reduction side so uh I mean I don't want to say what you can do is a convention but I guess study why you want to play it safe what I would potentially do is suspend my representation agreement with the player which means that on that transaction I'm not getting more than preposition I mean it's not enforced sign the representation area with a releasing Club try to find a club for that player and then you can commit the commission can lead you out of that transfer fee that you that you get nevertheless the age that they play will have to find a new agent for that transaction so the player is he needs to have an agent before against results he cannot negotiate his own contract for example I mean that's an even better solution you can tell the player just to basically represent himself on that transaction and one point that is important is representation agreements that prevent the player from representing himself or that provide for a penalty he represents himself are not avoidable they are not allowed so yeah I guess you will tell the player represent yourself in this one I mean I don't want to do this because represent yourself on that this one and then and then of course you will not have a contractual basis to claim commission from him if he doesn't want to pay you but I guess it's a trust issue as well so vacation any more questions Jonathan transfer we've seen the uh provisional sanctions for agents if they breach the cap or if they transfer miners are there any indications of what punishment will come clubs ways they also reach any of the regulations yeah it will be I mean there's not an exhaustive list it will have to be dealt with under the FIFA this is uh you have I don't remember now that they're actually open it articles but you have a list that goes either from a warning to a relegation and he has like a 20 kind of just I get the FIFA this point comes you will assess and breach and then decide which section is proportioned at the regional but as I was mentioning I would be careful of this at the beginning because uh FIFA will have to build up a kind of uh of an approach to these cases and I'm in my personal opinion I think that will have to go hard on this otherwise everybody will just say ah it's a fine of 20 000 who cares so maybe a registration plan is depending on the bridge you spoke before about other services could we just be a bit clear exactly of what that covers so that people are aware because this gentleman here raised a very interesting scenario I guess that could also fall into that potentially yeah I mean because it's not an exhaustively so you can think of very absurd scenarios where uh you saw it where an agent and a club sign for the agent to organize an event for the club as an event organizer so I mean it's really that the regulations really provide the obvious ones I was mentioning Legal Services accounting services and Staffing services financial planning but you can think of absurd scenarios where an agent is providing any service to the to the client so it can be for example to uh I mean I don't know serve as a an open of the of the player songs so I mean that's a service and if you interpreter releases really Broad as well now I think here comes with I mean of course it's never easy to to find a proper standard but it's really reasonable and I think the service you have to be somehow linked to the agent Services uh in some way or form I don't think that people could reasonably interpret this kind of absurd scenarios asking other services perspective will the far allow clubs to comment to agents that they'll engage in in a future transfer and player yeah this is another complicated one uh this actually it's it's cases where a name a club a naked let's say does a service for an engaging Club for free but in exchange it tells the agent I I will engage you in the future front of a player and then that's kind of the payment let's say um I think that would have to be on a case-by-case basis always under the analysis of the conflict of interest kind of position so that practice is not explicitly forbidden by the regulations but it may be scrutinized by this I think those are the situations where FIFA will have to look at this and see exactly uh the whole concept of transfer and of the transaction was retail uh if there is an Excellency payment for example in favor of agents for example that's not allowed let's say that the commission the engaging Club says I am not going to pay you now but whenever I come to the player in the future you get 10 uh office and that's not allowed that's uh I mean you can argue whether it's TP or not but uh but but but the FIFA is more clear on that sense that if that's not allowed to promise to engage you that's a bit more nuanced and I think it would really have to be on on how FIFA sees that case in terms of conflict of interest now one important nuances remember that fee factorization will only be whenever there is an international aspect of a transaction so if it's an agent and an international aspect of it is on the transaction or not the nationalities so if you're at let's say an Italian agent and then you have your player that is in IX and then you turns into PSE that's not nothing to do with FIFA that will only be the regulations of the of the Dodge State that may deviate from from the foreign that was really a good point today is there any more questions okay we have one of them thank you well you talked about individual agents not being able to fulfill the multi representation what about two agents working for the same agency under individual licenses can they represent the selling club and the player if they work for the same agency and if not as I can see that I'm displaying that um do you anticipate cooperation between different agencies and that's athletes sort of developing further yeah I mean the president is a is a a no because that will qualify these doses will be connected um so that's not a lot now as the second part I do think that what agencies will try to look for is try to dilute that connection as much as possible uh maybe you can form some type of very undirected Adventure or some other kind of commercial transaction uh now even if you do that uh nothing would prevent us if I look into it and says you know what this is connected for me because that's that's a bit of a tricky as I mentioned diesel very subjective sometimes so if there is a clear Chinese wall between the agencies probably it flies but he said there's some kind of connection that FIFA may look into this and start asking for information and then you don't want to disclose that I will be you know look well for FIFA and if you start disclosing and you can say well you already connected and then and treat you as a connected population you could not do this so I'll have a successful car so it all comes down to stay creativity between agencies thank you so much Mario um for giving your your knowledge there on behalf of the European Cup Association is very useful um I'm sure a lot of people have questions that come to their mind after this session we're going to break now from a 15-minute break but Mario will be here for the first session um that starts at 11 45 so please be prompt to your first one-on-one meetings I know you already know the drill but just to try and keep things quick exchange business cards and stuff and we wish you a really successful day thank you