FATCA is unilateral legislation, and the way it has been implemented is largely through bilateral agreements. If a country wants to negotiate an agreement with the U.S., it can negotiate this agreement, which can be reciprocal or not reciprocal. As regards the confidentiality part of it, if you move towards automatic exchange of information, the very strong recommendation is to make sure that the partner who will automatically get your information is able to protect it.
On February 26th, 2013. See this statement in context.