FIFA says its emergency committee decided that the Swiss FA met its demand to deal with Sion by Jan. 13.
Swiss club FC Basel is cleared to play Bayern Munich in the Champions League round-of-16 next month, and the national team will host Argentina in a Feb. 29 exhibition.
The Swiss FA deducted 36 league points from Sion for fielding six players this season in breach of a transfer embargo.
The club is appealing the sanction.
FIFA has asked Swiss officials to keep the governing body “informed on any future developments.”