The decision was taken at an emergency meeting, after concerns were raised that the new Saudi owners of Newcastle United could sign lucrative deals with Saudi state-owned companies.
About 80% of Newcastle is now owned by the sovereign wealth fund of the state of Saudi Arabia.
Eighteen clubs voted in favor of the freeze, while Newcastle voted against and Manchester City abstained.
The Premier League’s financial fair play rules allow clubs to suffer losses of up to £ 105million over a three-year period.
Any artificially inflated trade deal would increase a club’s revenue and allow it to bend the rules and spend more than it is allowed to do.
The temporary freeze will be in place for a month while talks take place on a permanent rule change.
A PL executive said: ‘If we hadn’t had the ban, nothing would have stopped Newcastle from signing, say a £ 100million naming rights deal for their stadium with a Saudi company linked to their owners.
“They could then have used that money to buy players in January and get around our financial fair play rules”
Neville and Carra criticize Bruce’s treatment
Jamie Carragher and Gary Neville gave a critical appraisal of Newcastle’s new property, with Neville calling their treatment of Steve Bruce “totally bogus”.
Neville said, “If it was another industry it would be classified as job abuse because the employer would be in serious trouble.
“You have to show decency – it’s not just the new owners of Newcastle, it’s the ones before who had him as a slaughterhouse lamb or as an umbrella to keep the rain from falling on their heads.
“Think about it in your own life – if you’re a lawyer, accountant, or electrician and treated like that. Think about all the things that have happened over the past few weeks, the leaks, it’s not fair to a brilliant man.
“A brilliant footballer. A great player. A coach who has played 1,000 games – he deserves to be treated with decency.
“If you’re going to fire him, pay him in full, don’t resist, do the right thing and move on.
“If you’re not going to fire him, tell him and be clear so that at least the fans can start attacking you. Stop using Bruce as a shield against criticism from your football club. “