⚖️ CA Overturns RTI Order on EPF Bond Disclosures

• Legal Decision: The Court of Appeal (CA) set aside a 2018 Right to Information (RTI) Commission order that directed the Central Bank of Sri Lanka (CBSL) to disclose detailed Employees’ Provident Fund (EPF) Government securities transaction data from 2015 to 2017. • Reason for Exemption: The Court ruled that disclosing specific data—including purchase dates, coupon rates, yields, and counterparties—would reveal the EPF's investment strategies and bidding patterns. This falls under the Section 5(1)(d) exemption of the RTI Act for commercially sensitive information. • Market Impact & Context: The EPF manages assets exceeding Rs. 3 Trillion and serves ~2.8 million active members. It is a massive institutional investor, accounting for roughly 50% of the Treasury Bond market. The CA accepted that exposing bidding behaviors could allow other market participants to outbid the Fund, adversely affecting financial returns for its millions of members. • Alternative Transparency: The Court noted that the EPF Act already ensures transparency via annual investment statements, alongside oversight by the Auditor General and Parliament.