There are too many loopholes in this EASA swiss cheese lawmaking (of which not much is LAW at the moment). For example, if my aeroplane were owned by an American "operator" then can I fly it?

If my trust is based solely in America, can I fly it?

There is no talk of "pilot in command", for obvious reasons (UA777 from LAX to LHR would be affected) so I think this whole EASA debacle is unworkable in practice. If they intended "pilot in command" the affects would be far reaching and disastrous for the EU.