A meeting was held at Hampden on Monday to consider two charges relating to the Clydesdale Bank Premier League club's payment of appearance money and bonuses.
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", while restrictions have been placed on any future transfer activity at Tynecastle.
Those restrictions 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; and any new under-21 player registered must have an annualised employment cost lower than that of the player leaving the club.
A statement from the SPL read: "The sub-committee found the club guilty of breaching SPL Rules A6.21 and A6.22 in respect of a number of players.
"The club remains subject to the existing registration embargo, which will continue in effect until such time as the SPL board is satisfied that the remuneration default is no longer ongoing.
"However, the decision of the sub-committee today was that the club should be made subject to further restrictions on the registration of players."
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, 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.
- Sports & Recreation