[bitfolk] EU Cookie law

Hi all, I read recently that the EU passed a law requiring user consent to use cookies (more from http://www.out-law.com/page-10510). The law doesn't come into effect until April 2011, and by then the enforcement practices may be specified to make it almost void, but it does raise an interesting question for me. I'm located in the US, but due to the specifics of how my site came into my possession, it's registered and hosted in the UK. Whose laws apply to a site like mine, owned and hosted from different sides of the pond? and assuming I'm not subject to British laws, to what extent might Bitfolk or my registrar be exposed to legal action? Best, Mike