Yes,
Slick - it's one of the (many) ways in which the US government through the FAA tries to deter foreign airlines from leasing aircraft to US carriers.
As you rightly say, the CAA hands out validations to FAA licence holders like sweeties (as long as they are flying US registered aircraft - its a different story if they want to fly UK ones) - whereas the FAA seemingly makes the process as hard as it can.
Dig around here
FAA Website and I'm sure you can find all you need to know - along with all the answers to their exams!!
