Hearts claim all outstanding wages from October have now been paid but have been hit with a ban on signing any players for 60 days.
Scottish Premier League chief executive Neil Doncaster said Hearts had not provided assurances that they will pay wages on time in future.
However, he refused to speculate on whether the Edinburgh club could be hit with a points deduction if guilty of a third breach.
"We didn't receive any guarantees that there wouldn't be a repeat," Doncaster told Sky Sports News. "Ultimately we can only judge any breach of the rules as and when it arises - look at the circumstances, hear what the club has to say, and then form a view."
"We felt a sporting penalty was required because of the sporting advantage that had been obtained by Hearts by not having to pay players and coaches on time, and the appropriate sporting penalty we believed was a player registration embargo for 60 days," Doncaster added.
The hearing - after six players and manager John McGlynn were paid a week late - was the second in three days into the wage delays at Hearts. The club were "reprimanded and warned" by an SPL board sub-committee on Monday after paying some players and McGlynn late in September, while an automatic transfer embargo was continued.
An SPL statement confirmed: "A sub-committee of the Scottish Premier League Board today considered a charge against Heart of Midlothian Football Club under SPL Rule A6.21, which concerned the club's failure to pay coaching staff and players on time in October. The club satisfied the sub-committee that all outstanding wages from October had now been paid and, accordingly, the player registration embargo, which arose from that failure, has now been lifted.
"The charge under SPL Rule A6.21 was admitted by the club. The decision of the sub-committee was to make Heart of Midlothian Football Club immediately subject to a further player registration embargo of 60 days."
However, Hearts have opted to accept the punishment, confirming they had no plans to challenge the SPL sanctions. A club spokesperson said: "We are satisfied that this matter has now been resolved and accept the sanction imposed by the sub-committee."