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Does a signed deal have to be reported, and when?

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Andy G found this one:

11. VALIDITY AND FILING. 

(a) This Contract shall be valid and binding upon the Team and the Player 

immediately upon its execution. 

(b) The Team agrees to file a copy of this Contract, and/or any amendment(s) thereto, 

with the Commissioner of the NBA as soon as practicable by facsimile and overnight mail, but in 

no event may such filing be made more than forty-eight (48) hours after the execution of this 

Contract and/or amendment(s). 

(c) If pursuant to the NBA Constitution and By-Laws or the CBA, the Commissioner 

disapproves this Contract (or amendment) within ten (10) days after the receipt thereof in his 

office by overnight mail, this Contract (or amendment) shall thereupon terminate and be of no 

further force or effect and the Team and the Player shall thereupon be relieved of their respective 

rights and liabilities thereunder.  If the Commissioner’s disapproval is subsequently overturned 

in any proceeding brought under the arbitration provisions of the CBA (including any appeals), 

the Contract shall again be valid and binding upon the Team and  the Player, and the 

Commissioner shall be afforded another ten-day period to disapprove the Contract (based on the 

Team’s Room at the time the Commissioner’s disapproval is overturned) as set forth in the

foregoing sentence.  The NBA will promptly inform the Players Association if the Commissioner 

disapproves this Contract.

What does all of this mean?  No clue.  I've asked around in a few places and nobody seems to know if there is a reporting requirement on either side of the Atlantic. NBA transactions are listed here.  What we don't seem to know is if the NBA has to put up new contracts for public review and/or if that is the place to do it.  Is there a similar requirement in the ACB? What about international FIBA contracts? 

Does the 48 hour requirement start ticking the moment Rubio signs the contract?  Does it kick in when the contract is approved by FIBA?  Does it officially start with the "following season" portion of the CBA that allows for this (possible) contract in the first place?  I'm not sure anybody has the answers to these questions right now.  

Whatever the case, at this point, either the deal is signed and he's going to be a Timberwolf in the 2011/12 season or it is not and David Kahn should be preparing yet another letter to the fans explaining why he has to walk away from the franchise that he has left in smoldering ruins.