gfb,
While you are right about the EU laws, they do tend to get interpreted as the powers that be like. Your story about CHC is right, I believe - contrasted with a certain Egyptian grocer who was never allowed to have an AOC, so he had to operate under someone elses AOC, even though he had lots of expensive toys.
Mind you, he got his own back - he sold the only London heliport to a property developer. We are still waiting to see how that one pans out.............