An outside review of Bloomberg LP's data compliance and news reporting revealed that the financial-data and news provider didn't curtail its reporters' access to subscriber data two years ago, when concerns about that access first emerged, because of internal "misunderstandings."

The review, by consulting firm Promontory Financial Group and law firm Hogan Lovells, didn't point to any evidence of widespread abuse of customer data by Bloomberg News, but it identified two instances in which sensitive data was reflected...