Livingston have been fined £5,000 and given a registration ban for breaking Scottish FA dual interest rules.
In January, the Championship club were found to have breached four SFA rules due to majority shareholder Neil Rankine's involvement with East Fife.
And the division's bottom side face more action if Rankine does not dispose of his interests in one of the clubs.
In November, Livi were deducted five points and fined £10,000 for breaching rules relating to non payment of tax.
They were also banned from signing players by the Scottish Professional Football League after failing to declare bonus payments with HM Revenue and Customs.
That sanction was lifted on 1 January, but the new ban prevents the West Lothian club from making any new signings or extending existing new contracts.
Rankine is also a former owner of Dumbarton and his links with Livingston's Championship rivals were also under investigation but the charges were dropped.
He became involved in Livingston in 2009 when he and current chairman Gordon McDougall took the club out of administration.