Federation Internationale de Football Association had ruled Chelsea would not be able to buy any players for two transfer windows, but the sanction has been reduced by half.
The Court of Arbitration for Sport sided with the English club in an appeal to overturn the second half of a transfer ban for breaking transfer rules that protect youth players.
The club had their first appeal against the sanction thrown out by FIFA's appeal committee in April, when it was criticised for "inexcusable" breaches of the regulations.
The club were found to have breached Article 19 and Article 18b of the Regulation of Transfers and Status of Players by FIFA's Control, Ethics and Disciplinary Committee.
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The club appealed against their punishment to the Court of Arbitration for Sport, with a verdict returning today reducing their ban to one-window with a fine of £230,000.
"If there is a chance to strengthen it, then we will look at it", Lampard said at a news conference. But if you think we're going to line up Tammy, Mason and Reece and sell them, we're not.
It means that as things stand, the club won't be able to register new players this summer. "It was never my business to get involved in the reasons why or the legal side of it". And which players will be their top targets?
England striker Abraham has scored 11 Premier League goals in 14 appearances this season, while midfielder Mount has found the net on five occasions.
After 12 months without spending and having transfer fees from the sale of Eden Hazard, David Luiz and Tomas Kalas and many other fringe players which brought in an incredible $180 million, Lampard will have money to spend. But at the moment we have managed to utilise a lot of hard work that has gone into the academy over the last 15 or so years and that's great to see that coming through in one go. Is it better to wait until the summer when the likes of Pedro and Giroud, and maybe Willian, could all leave Stamford Bridge?