The Edinburgh club will be permitted to sign only players aged under 21 on a one in, one out basis, while an indefinite player registration embargo imposed earlier this month remains in place "until such time as the SPL board is satisfied that the remuneration default is no longer ongoing".
Restrictions have been placed on any future transfer activity at Tynecastle. They are:
One out, one in (ie the club will only be able to replace such number of players as have their registrations with the club terminated - whether by sale, mutual agreement or otherwise);
Only under-21 players (as defined in the SPL rules) will be able to be registered; Any new under-21 player registered must have an annualised employment cost lower than that of the player leaving the club.
When charged earlier this month, Hearts indicated they would challenge based on there being no written due date for payment of bonuses in some players' contracts.
Following the SPL's verdict on Monday, a Hearts spokesperson said on the club's official website: "The club is currently consulting with its lawyers with a view to considering its available options and will make a fuller statement in due course."
Much of the Hearts hierarchy - including majority shareholder Vladimir Romanov - are based in Lithuania and the time difference, coupled with the New Year holiday, means further comment from the club may be delayed.
Manager John McGlynn is in line to face the media on Wednesday to preview Thursday's Edinburgh derby with Hibernian and may be the first to publicly comment. Despite winning the William Hill Scottish Cup in May with a 5-1 win over Hibs, Hearts have endured a torrid 2012 off the field.
A £450,000 winding up order was recently averted, while an agreement was reached over a separate issue to pay £1.5million over a three-year period. Hearts raised £1m from a share issue designed to raise £1.79m and face a shortfall of £800,000 this season unless attendances are above expectations.
