Forgive me, I didn't read the entire EU language, because I didn't want to take up too much of your time.
But the transparency directive does evoke a principle of universality with regard to reporting payments, which states that:
no exemptions, for instance for issuers active in certain countries, should be made which have a distortive impact and allow issuers to exploit lax transparency requirements.
There is clear language eliminating exemptions.
With regard to your second point about regulations, you're right that this legislation doesn't open up exemptions, it opens up the possibility of exemptions. We're calling for that possibility to be closed off.