In its decision, released today, the ASA's complaints board ruled there were no grounds to proceed with the complaint.
The board's chairman noted the ad did not breach the advertising code and had been prepared with a due sense of social responsibility.
"The chairman was of the view that the advertisement was clearly informing woman about breast health and contained an important safety message which outweighed the offence caused to the complainant by women's breasts being hidden.''
The chairman found that, when generally prevailing community standards were taken into account, the ad did not reach the threshold to cause serious and widespread offence to women on basis of their gender.
Watch the original ad here:
The Breast Cancer Foundation had planned to remake the bare-all Scottish ad as part of its Naked Truth campaign for Breast Cancer Awareness Month.
However, the Commercial Approvals Bureau warned it would likely have been classified as adults only, which meant it would only be able to run after 8.30pm.
The original Scottish ad, starring actress Elaine C. Smith, could only be shown after 9pm, but had been attributed to a doubling in the number of women contacting their doctors about the disease.
The foundation last month said a remake would have helped to push its breast-check message, but it was happy with the final ad.
ASA chief executive Helen Souter commented at the time that while bare breasts would have led to complaints, the important health message would have been taken into consideration.