My understanding is that the UK derogation applies to UK airspace - is the text available anywhere?
The EU regulation text is not specific. Here's the UK take.
AIC W025/2012
3.1 Private flights - The UK is deferring the European validation requirements for private operations of aircraft registered in third countries (non-EASA States) until 8 April 2014. Pilots flying non-EASA Member State aircraft privately for a
UK-based owner or operator using licences that are valid under the law of the State of Registry of the aircraft may therefore continue to do so under the terms of Articles 61 and 63 of the Air Navigation Order until 7 April 2014. After that date they will require a licence validation in accordance with EU regulations.