The NPA does specifically comment on requirements to allow an EASA area resident Operator to exercise the IR privileges of a 3rd country PPL in an aircraft registered in the 3rd country. I.e. it is specifically framed at PPLs not at all licence holders. There is a lack of clarity of what happens to a CPL/ATPL holder who does not or can not validate there licence for commercial privileges in the EASA area.
In the non-AOC context, the word Operator is commonly used and would normally mean the pilot (as compared to the owner).
Keygrip,
EASA has no say on who can fly an ICAO compliant aircraft, registered in an ICAO country, on a licence issued by or validated by that country. However, EASA can definitely dictate what you as a European Citizen can and can not do. It is slightly more ambiguous what they can and can not do with regard to a resident alien exercising ICAO privileges conferred by a country outside the EASA region.