Fredericks, a multiple Olympic sprint silver medallist and a rising star among international sports administrators until this year, was temporarily banned in July.
He is being investigated by the Athletics Integrity Unit (AIU) over payments he received from Papa Massata Diack, the son of former IAAF president Lamine Diack, on the day Rio de Janeiro won the vote to host the 2016 Olympics.
Fredericks has repeatedly denied any wrongdoing. He admitted having received money from Massata Diack, but said it was payment for legitimate work he had done.
"Mr Fredericks appealed against the order for provisional suspension and his appeal was heard by an enlarged panel of the Disciplinary Tribunal," the AIU said in a statement.
"Having heard from both parties, the enlarged panel agreed with the AIU's submissions and it declined to lift the order for provisional suspension."
Earlier this year Fredericks, an International Olympic Committee member, stepped down as head of the team evaluating bids to host the 2024 Olympics.
He also removed himself from the IAAF (International Association of Athletics Federations) task force investigating doping allegations in Russia, after the corruption allegations involving himself surfaced.
(Reporting by Karolos Grohmann, editing by Alister Doyle)
