Using the obtained code to make and release a new program can be against copy right laws. Breaking encryption can be illegal in some countries.
Reverse engineering in it's most simple form is actually just implementing some interface or API, for example Linux machines connecting to shares might mean reverse engineering how Windows does it, but just creating all the code from scratch.
I guess some application might have terms and conditions forbidding looking at the source code, but generally those are accepted during install meaning they would not apply before then (and even if installed it can vary from country to another what they can actually demand from you).
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