Sheffield Wednesday revealed earlier this month that they had been subject to a transfer embargo since April.
The Champioship side, who have not made any signings this summer, are now able to bring in players on loan before August 31.
The Owls directorship told reporters that they had "worked diligently" with the EFL in order to ensure they were compliant with the Profitability and Sustainability rules.
The English Football League rules state that clubs are not allowed to post losses of more than £39million in three years without sanctions.
According to the latest financial reports, Wednesday lost more than £20m in 2016-17 alone, an increase of £15m from the previous year.
Jos Luhukay's side have earnt just one point in their opening two games, and will visit Brentford on Sunday.