I can't see anything in these rules that would affect me....i.e. flying an N reg on an FAA certificate. If anything they might award me some sort of IMC replacement IR based upon my IMC which is based upon my FAA IR... ???
It depends who is considered to be the
operator of the aircraft and whether they have their main place of business in or are resident in the EU. If we are talking about the private owner of an 'N' reg aircraft, the
assumption is that they are also the 'operator' and, therefore, assuming that they are also resident in the EU, that they will need both an FAA licence and an EASA licence in order to fly that aircraft in EU airspace.
The problem is that EASA has not defined the term 'operation'. It defines 'operator' as
"any legal or natural person, operating or proposing to operate one or more aircraft", which is not a great deal of help. What EASA considers to represent 'operating' an aircraft may well differ from what you or I might think.