Cole was originally fined £100,000, while the Mourinho was penalised £200,000 following the initial findings of the Premier League's independent commission into their illegal meeting at a London hotel earlier in the year.
The verdicts were both upheld at a hearing earlier today, however, both men will face fines.
The Premier League released a statement saying: "In regard to the appeals by Ashley Cole and Jose Mourinho, the Premier League appeals committee has reminded themselves of the evidence in both cases and received submissions from the respective legal representatives.
"In both cases, the Premier League appeals committee has dismissed the appeals on findings.
"However, in respect of Ashley Cole's appeal on sanctions, the committee found in favour in part and, in doing so, reduced the fine imposed from £100,000 to £75,000.
"The committee also found favour in part in Jose Mourinho's appeal on his sanctions, deciding that although he had a greater responsibility as a manager and senior club representative, he was less culpable for the arranged meeting. As such, his fine is reduced from £200,000 to £75,000."