OJAY, that is simply not true; the 747 can maintain altitude (OK, not 35,000 feet) on two engines, so it is not going to fall out of the sky as you suggest, and can easily land at the nearest suitable following a second engine shut down. A two engine out landing approach is well-practiced (in the sim), and the pilots in one well known Asian airline do it on auto pilot!
But surely the argument here rests on regulations; FARs and Ops Specs. Boeing does not require an immediate landing following the shutdown of one engine, no matter where or when it happens . They list those failures that do require a landing at the nearest suitable (which can include factors such as maintenance facilities, passenegr handling etc) and a single engine failure does not appear.
I am not aware of any FAR or CAA regulation that does rule on this matter, and for something as major as this it should not be necessary to "interpret" to find the answer. Either there is a regulation, and the FAA has a case, or there is not, and the FAA can blow it out of the proverbial.