Even the footballer himself is considered a third party, which is also subject to the ban. In other words, the player is prevented from participating in his own transfer to recover a percentage of the economic rights he generates himself. Recognising that these rights derive from the intrinsic dignity of the human person, 1. States Parties to this Covenant undertake to report, in accordance with this part of the Covenant, on the steps they have taken and on the progress made in implementing the rights recognized in this Covenant. We believe that this model has not been successful in terms of economic rights and that, given the new investments and new players entering football, this ban will be even more violated. Economic rights are a financing mechanism for associations and, prior to the ban, they were an investment tool. The duration of the Section 1 agreements, scheduled between January 1, 2015 and April 30, 2015, may not exceed one year from the effective date. One aspect of credit participation, which was often overlooked in the run-up to the recent downturn, was the need for buying banks to apply their own enforcement standards, the limits of the directive and the supervisory guidelines for each acquired interest. While it may seem convenient to adopt a credit policy package prepared by another bank, it is unwise to think that the other bank`s standards of education and documentation are sufficient. The information provided to the subscriber generally presents the credit in the best possible light and is intended to sell the stake and finance the loan. The purchasing bank may also find it useful to understand the credit bank`s relationship with the borrower and how much credit commitment the lead bank is willing to keep.2 This may give some insight into the bank`s overview of credit quality.
When reviewing a credit investment, the bank management should perform its own due diligence, including a thorough audit of the loan objective, repayment sources, borrower financial information and bond, as well as collateral coverage. If real estate is considered collateral, valuations should comply with regulatory guidelines and be audited by the purchasing bank`s valuation function. A bank considering participation in the loan should not consider that it has received all the information necessary to make a prudent decision. The bank`s management should independently collect and evaluate all necessary information before making a decision. For example, a bank in the fifth arrondissement discovered that if a stake is for a construction project, bankers should visit the site to check that the work is completed, as the borrower and the company asked to sign the draw. In this case, the Bank had a fully funded project if only a small part of the work was actually completed. The banks went to the guarantor of the aid, but the guarantor, a well-known real estate developer, was arrested and eventually sentenced to 16 years in prison for fraud related to a historic tax credit program.