Found the relevant piece from the Brodcasting regs, & it seems that OFCOM still have some say if the programme is directed at the UK from another member state:
"Under the AVMS Directive, audiovisual media services transmitted by a media-service provider under the jurisdiction of a particular EU member state have to comply only with the laws applicable to audiovisual media services in that member state (Article 2(1), AVMS Directive). The AVMS Directive provides mechanisms aimed at preventing service providers establishing themselves in a member state where the regulatory regime is more relaxed than the regime in the country in which they wish to broadcast. A member state who considers that a broadcaster under the jurisdiction of another member state provides a television broadcast which is wholly or mostly directed towards its territory can take action to seek to get the broadcaster to comply with the stricter rules (Article 4, AVMS Directive).
An audiovisual programme made outside the EU after 19 December 2009 will still have to comply with the basic UK standards in order to be broadcast in the UK. A programme made for reception outside the EU does not have to comply with the AVMS Directive (Article 2(6), AVMS Directive) or UK legislation, but may be subject to non-EU regulatory regimes."
http://uk.practicallaw.com/4-504-3931#a916810