Later, Matthew Winkler, editor-in-chief of Bloomberg News, apologized and acknowledged that the practice of allowing reporters access to limited subscriber information, such as when they logged onto the terminal dated to the start of Bloomberg News.
(Read more: In Bloomberg uproar, media ethics flags)
The review led by the law firm Hogan Lovells and Promotory Financial Group investigated more than 500,000 news stories, interviewed 425 employees, and studied internal policy manuals and training guides. It concluded that Bloomberg has appropriate client data policies in place.
"We know we needed to evolve, and we have learned from our mistakes," CEO and President Daniel L. Doctoroff said in a statement. "We are already implementing many of the recommendations we received."
(Read more: Bloomberg Admits Terminal Snooping)
The recommendations for a standards editors and independent senior editor were among those made by Clark Hoyt, previously Bloomberg editor-at-large and a former public editor of The New York Times.
The standards editor will be responsible for for making sure that the news operation consistently adheres to high standards for accuracy, balance and tone. The independent senior editor will be an outside avenue for complaints about news coverage.
—By Marty Steinberg, CNBC.com
(Disclosure: Bloomberg is a competitor of CNBC in reporting and distributing business news on the Web and on television.)