Suarez was found guilty by an FA Independent Regulatory Commission on Tuesday for racially abusing Patrice Evra.
The FA said in a statement: "An Independent Regulatory Commission has today found a charge of misconduct against Luis Suarez proven, and have issued a suspension for a period of eight matches as well as fining him £40,000, pending appeal."
The commission's ruling stated: "Mr Suarez used insulting words towards Mr Evra during the match contrary to FA Rule E3(1); "The insulting words used by Mr Suarez included a reference to Mr Evra's colour within the meaning of Rule E3(2);"Mr Suarez shall be warned as to his future conduct, be suspended for eight matches covering all first team competitive matches and fined the sum of £40,000; "The [penalty] is suspended pending the outcome of any appeal lodged by Mr Suarez against this decision."
The FA confirmed that Suarez's suspension will not start until the outcome of any appeal.
The statement added: "Mr Suarez has the right to appeal the decision of the Independent Regulatory Commission to an Appeal Board. An appeal must be lodged within 14 days of the date of the written reasons for the decision.
"The penalty is suspended until after the outcome of any appeal, or the time for appealing expires, or should Mr Suarez decide not to appeal. The reason for this is to ensure that the penalty does not take effect before any appeal so that Mr Suarez has an effective right of appeal."
Liverpool issued their initial response in a statement, outlining they were "surprised and disappointed" and said they found it "extraordinary" the FA had taken Evra's word.
They did not officially confirm whether or not they would be appealing, but said: "Liverpool Football Club is very surprised and disappointed with the decision of the Football Association Commission to find Luis Suarez guilty of the charges against him. We look forward to the publication of the Commission's Judgment.
"We will study the detailed reasons of the Commission once they become available, but reserve our right to appeal or take any other course of action we feel appropriate with regards to this situation.
"We find it extraordinary that Luis can be found guilty on the word of Patrice Evra alone when no one else on the field of play - including Evra's own Manchester United team-mates and all the match officials - heard the alleged conversation between the two players in a crowded Kop goalmouth while a corner kick was about to be taken."
ps: I'm also surprised that the FA believed Evra and I wonder whether Suarez would've received the same punishment if he was a Man Utd player.