All contracts calling for the services of a professional boxer or professional mixed martial artist in an authorized professional combative sport match or exhibition to be held in the State of New York and entered into by licensed promoters, professionals or managers as one or more of the parties in such contracts shall be subject to commission approval and must be filed with the commission to be valid. All such contracts must comply with applicable provisions of New York State and Federal law. The commission shall have the authority, in its discretion, to act to invalidate, enforce, mediate, arbitrate or modify such contracts. All contracts directly related to the conduct of professional boxing activity in the State of New York must also comply with the applicable requirements of the Federal Professional Boxing Safety Act (15 U.S.C. 6301, et seq.), as amended.