Imho this follows from the JAA text, cfr given ref by Mungo5.
Hope not to be pedantic...
JAA is the authority not the licence : for example my licence says Belgium, JAA (I just happen to have converted it last week)
The correct terminology for the license appears to be "JAR-FCL licence" cfr the following extract from
www.jaa.nl :
Conversion of a licence issued by a non-
JAA State.
(1) A professional pilot licence and/or IR
issued by a non-JAA State may be converted to a
JAR–FCL licence provided that an arrangement
exists between the JAA Member State and the
non-JAA State. This arrangement shall be
established on the basis of reciprocity of licence
acceptance and shall ensure that an equivalent
level of safety exists between the training and
testing requirements of the JAA and the non-JAA
State. Any arrangement entered into will be
reviewed periodically, as agreed by the non-JAA
State and the JAA. A licence converted according
to such an arrangement shall have an entry
indicating the non-JAA State upon which the
conversion is based. Other Member States shall
not be obliged to accept any such licence.
(2) A private pilot licence issued by a
non-JAA Member State may be converted to a
JAR-FCL licence with single-pilot type ratings by
complying with the requirements shown in
Appendix 2 to JAR-FCL 2.015.
d3