Shiels was found guilty earlier this month of bringing the game into disrepute after he claimed in a BBC Scotland interview that Celtic had "massive influence" over disciplinary hearings, describing them as "the monster of Scottish football".
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 left the club by mutual consent just days later, a move that came as little surprise given Killie had been debating his future because of their ninth-placed finish in the Scottish Premier League as well as his outspoken media comments.
The club were also convicted of failing to ensure that Shiels complied with SFA protocol but they announced on Friday there would be no punishment following a disciplinary tribunal.
A statement released by the Scottish Football Association 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."