Liverpool have been cleared of any financial fair play breaches by UEFA, but Hull have been fined 200,000 euros (145,000 GBP).
The Club Financial Control Body (CFCB) announced the decisions following a meeting on Friday.
UEFA said in a statement: "The CFCB investigatory chamber announced that Sparta Prague and Liverpool have been found (following the submission of additional financial information) to have satisfied the break-even requirement and are no longer under investigation."
Hull, who played in the qualifying rounds of the Europa League, have agreed to settle for the fine and to pay an additional 400,000 euros (£290,000) if they are not compliant with FFP for the 2015/16 season.
Liverpool chief executive Ian Ayre welcomed the decision saying the financial period covered by the FFP review had been "difficult" for the club.
Ayre said: "During this review period, the Club was going through a transitional period having just emerged from a difficult financial and operational position under previous ownership.
"Since FSG took over in October 2010, we have stabilised the club and made good overall progress by taking a measured approach to our financial position as we worked towards FFP compliance. We have always been supportive of the principles of FFP and welcome today's announcement"
Hull City manager Steve Bruce pointed out the accounting period went back to a time when the club were losing money trying to get out of the Championship.
Bruce said: "I think we all understand that the only reason is because of when we were in the Championship, and because we qualified for a UEFA tournament.
"We're all becoming accustomed that FFP is out there, we've been given two or three years to make sure we're alright and after that we should be in a healthy position.
"It's tough on us because the only reason we've come under investigation is a) because we've qualified for a UEFA tournament and b) because of when we were in the Championship.
"It's very, very difficult. "
The CFCB's investigations into Monaco, Inter Milan, Sporting Lisbon and Roma are to continue.
Source: PA
