The decision not to dock the west Londoners points was made by an independent tribunal convened by the Football Association.
The panel imposed a fine of £800,000 for a breach of FA Rule E3 - which relates to bringing the game into disrepute - and a fine of £75,000 for breaking Rule A1, which outlaws the use of unauthorised agents.
The club was warned as to its future conduct with regard to regulatory compliance, and ordered to pay 50% of the costs of the tribunal.
“Grown men hugged and embraced. The last time Rangers were in the top flight, 15 years ago, some of them would still have been at school”
A further five charges against the club and one charge against chairman Gianni Paladini were found not proven.
The club and Paladini had been charged with submitting false information in documents provided to the FA relating to a contract extension signed by Faurlin in October.
The tribunal had been scheduled to deliver its findings by 1600 BST on Friday but the verdict was delayed because of the weight of evidence.
That prolonged the agony for QPR, who had secured their promotion to the Premier League as champions with last Saturday's 2-0 win at Watford, but had to put their celebrations on hold.
The FA had been investigating the case since September, when QPR first asked for permission to buy out the third party that owned the economic rights of Faurlin.
Argentine Faurlin has scored three goals this season
QPR were prompted to do this by the Football League's introduction of rules prohibiting the third-party ownership of players.
The League told the Loftus Road outfit they would have to notify the English football's governing body of their plans and it then became apparent the club may have been in breach of FA regulations for more than a year.
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