There might be a bit of confusion here. Under the new regs, if the OPERATOR of a non-EASA reg aircraft is European and it is to be flown in EASAland, the crew need to have both the licence of the aircraft of registry and the equivalent EASA licence. This does not seem to apply to non-European-based operators so US airlines and companies etc for example should be unaffected. This has been discussed extensively elsewhere on pprune.
However, the specific issue raised by the OP was news to me. It seems quite clear that the dispensation applies to the use, say, of a US licence (or 'license' as the FAA would say) to fly a US aircraft in Europe where the operator is European and the crew have EASA licences. In this case the EASA licence would not need the appropriate type rating. Where I am not clear is what would happen with the 'M' reg. The Isle of Man does not issue crew licences but validates the licences of other countries, if you validate your FAA licence and possess an EASA one, can you fly the M-reg aircraft without the equivalent type-rating on your EASA lic (without invoking the derogation) in future?
Last edited by DefDefect; 12th Jun 2013 at 20:36.
Reason: Edited to include description of operator