Shiels was found guilty earlier this month of bringing the game into disrepute after claiming in a radio interview that Celtic held "massive influence" over disciplinary hearings.
He also described them as "the monster of Scottish football".
On the back of these comments Shiels was found guilty of breaching two SFA rules: Bringing the game into disrepute and failing to act in the best interests of the game by calling into question the judicial panel, and questioning the integrity of another member club.
He was subsequently banned for four games with two of those suspended until the end of next season.
However, Shiels has since left Rugby Park and although Killie were also convicted of failing to ensure that their former boss complied with SFA protocol, the governing body announced there would be no punishment following a disciplinary tribunal.
A statement released on Friday by the SFA said: "The panel took account of all the mitigation put forward on behalf of Kilmarnock FC and concluded that no sanction should be issued in this case."