The EU and the SEC in the U.S. looked at this issue carefully. The EU included very clear language—and I'll just read it out because it's here— to “not provide for any exemptions in cases of alleged disclosure prohibitions in foreign law or on confidentiality or commercial sensitivity grounds”. They've been unequivocal. The SEC didn't mention this either. They didn't allow exemptions in their first rule-making process.
The danger—