The JAA requirement now is for 500 hours as pilot of aeroplanes of which at least 30 is as PIC on the applicable type or class of which at least 10 is in the last 12 months.
The main problem with the original JAA requirement was not so much the 500 hours PIC as the 50 hrs PIC on class in the preceding 12 months. This would have been impossible for most FIs to achieve.