Scottish Premier League chief executive Neil Doncaster believes "big changes" have been voted into the top-flight in Scotland.
All 12 SPL clubs met at Hampden on Wednesday to consider a number of different financial fair play proposals.
The meeting had twice previously been adjourned, but Doncaster was keen to stress the significance of some of the votes which were eventually taken.
Clubs who enter administration will lose at least 10 points - cut from the original proposal of 15 - or a third of their previous season's tally, whichever is greater.
Clubs will also be obliged to pay their players and Her Majesty's Revenue and Customs on time and be subject to sanctions if they fail to do so.
"In most instances the rules are likely to see any sporting sanction for going into administration seriously increased from the 10 points at the moment and that's a big change," said Doncaster.
"Equally, the obligation to pay players on time will now be a disciplinary manner. An obligation to pay the taxman on time with a player registration embargo automatically coming in if there is any failure - those are big changes that demonstrate very clearly how serious the clubs are that clubs do live within their means.
"It was a really good discussion and I think the clubs should be congratulated for biting the bullet and agreeing a tougher regime in terms of financial fair play, insisting the clubs do live within their means and punishing proportionately if they fail to do that. That is a very bold step they have taken."
The SPL though, backed off from imposing a fixed penalty on Rangers if the Ibrox club remain in the SPL as a newco.
One of the proposals pertained directly to Charles Green's Rangers, who are trying to come out of administration via a Company Voluntary Agreement (CVA) but who will use the newco route if that is unsuccessful.