Ministers had ordered a review last year after four anglers drowned when their boat sank on Loch Awe near Oban.
Concerns were raised at the time over delays because rescuers had to use a boat kept at Renfrew, near Glasgow.
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Hide AdFormer HM Chief Inspector of Constabulary Paddy Tomkins set out 15 recommendations on how responses to flood and water rescue can be improved.
Public safety minister Fergus Ewing said he was "pleased" that Mr Tomkins concluded there is no need for new legislation.
Mr Ewing said: "If we could eliminate all risk and make Scotland completely safe without reducing our quality of life, that would be exceptional."