At an extraordinary meeting of the World Motor Sport Council was held in Paris on 29 April 2009. The following decisions were taken:

Applications to compete in the 2010 FIA Formula One World Championship are to be submitted to the FIA during the period 22-29 May 2009. Teams must state in their application whether they wish to compete under cost-cap regulations.

The maximum number of cars permitted to enter the Championship has been increased to 26, two being entered by each competitor.

The FIA will publish the list of cars and drivers accepted on 12 June 2009, having first notified unsuccessful applicants.

Cost Cap Regulations

From 2010, all teams will have the option to compete with cars built and operated within a stringent cost cap.

The cost cap for 2010 will be £40m per annum*. This figure will cover all team expenditure except:

Marketing and hospitality

Remuneration for test or race drivers, including any young driver programmes

Fines or penalties imposed by the FIA

Engine costs (for 2010 only)

Any expenditure which the team can demonstrate has no influence on its performance in the Championship

Dividends (including any tax thereon) paid from profits relating to participation in the Championship.

* For the purposes of these Regulations, the financial year is 1 January to 31 December.

A new Costs Commission is being set up to monitor and enforce these cost-cap financial regulations. The Costs Commission will consist of a Chairman and two other Commissioners, appointed by the WMSC for terms of three years.

One Commissioner should be a finance expert and the other should have high level experience in motor sport. The Chairman should have appropriate experience and standing in motor sport or sports governance. All members of the Costs Commission shall be independent of all teams.

In addition to the payments which it already makes to the top ten teams in the Championship, Formula One Management, the commercial rights holder, has agreed to offer participation fees and expenses to the new teams. This includes an annual payment of US$10 million to each team plus free transportation of two chassis and freight up to 10,000 kg in weight (not including the two chassis) as well as 20 air tickets (economy class) for each round trip for events held outside Europe.

To be eligible for this, each new team must qualify as a "Constructor" and demonstrate that it has the necessary facilities, financial resources and technical competence to compete effectively in Formula One.

To enable these cars to compete with those teams which are not subject to cost constraints, the cost-capped cars will be allowed greater technical freedom.

The principal technical freedoms allowed are:

Movable wings, front and rear.

An engine which is not subject to a rev limit.

The teams will also be allowed unlimited out-of-season track testing with no restrictions on the scale and speed of wind tunnel testing.

Changes applicable to all teams

It was confirmed that from 2010, refuelling during a race will be forbidden in order to save the costs of transporting refuelling equipment and increase the incentive for engine builders to improve fuel economy (to save weight).

It was also confirmed that tyre blankets will be banned and that the ban on other tyre-heating devices will be maintained.