Information Commissioner backs BMA’s decision not to share records on a regulated fund
On 5 September 2025, Information Commissioner Jason Outerbridge issued Decision 15/2025, Bermuda Monetary Authority, which reviewed the BMA’s refusal to disclose records related to a regulated fund. The BMA’s internal review decision stated that the BMA was prohibited from disclosing the records because of the secrecy provision contained in the BMA Act 1969. The provision mandates the BMA to preserve the secrecy of all matters relating to the affairs of the Government, the BMA or any person that comes to the BMA’s knowledge in the course of its duties. During the Commissioner’s review, the BMA confirmed that records responsive to the request existed but maintained that they were exempt from disclosure under the PATI Act.
The Information Commissioner upheld the BMA’s decision, finding that disclosure of the records was prohibited under the BMA’s secrecy provision as the records related to a legal person and came to the knowledge of the BMA in the course of its duties to supervise, regulate and inspect the relevant fund. Although the Applicant argued that the BMA’s secrecy provision permitted the BMA to disclose information to the Minister of Finance and the Registrar of Companies under certain limited circumstances (e.g. where it was in the public interest or required for the Minister’s oversight responsibilities), the Information Commissioner found that these gateways to disclosure were discretionary to the BMA and the oversight of the exercise or non-exercise of that discretion was outside the limited jurisdiction of the Information Commissioner under the PATI Act.
About the ICO: The Information Commissioner’s Office is an independent public office responsible for promoting the use of, and overseeing compliance with, the Public Access to Information Act 2010. The PATI Act gives the public a right to access records held by public authorities, subject to listed exemptions, exceptions and administrative grounds for denial of access. Individuals who are dissatisfied with the response of a public authority may seek a review by the Information Commissioner. The Information Commissioner’s Office investigates, and decisions and orders by the Information Commissioner are legally binding. The PATI Act is the ICO’s governing legislation.
Further information about the ICO is available at ico.bm
