The 72 Football League clubs voted on various new rules at their annual general meeting in Malta on Tuesday. Other new rules, other than the 'home-grown' initiative, will see clubs being hit with a transfer embargo if they do not file their financial accounts in time, but a proposal by Leyton Orient to impose a relegation of two divisions for any club going into administration was rejected.
League chiefs will, however, review the punishments for administration to see if they need toughening up.
Under the home-grown rule, first-team squads will be restricted to 25 players over the age of 21, of which 10 must be registered in domestic football for three seasons before their 21st birthday.
There will be no restriction on players under the age of 21, however.
Football League chairman Greg Clarke said: "This has been a positive and constructive meeting at which we've looked at many of the important issues currently facing football and taken steps to address a number of the most pressing governance concerns."
The League's fit and proper persons' test has also been re-titled the 'Director's Test' to fall in line with the other football bodies.
The clubs have also closed a loophole so that clubs that go into administration are hit with sporting sanctions even when the club is part of a group company.