FAA licence "rendered valid".....
Question for the owners/operators who actually rent out the aircraft - rather than the pilots who hire them....but..
Under the ICAO agreement, all member states must accept PPL privileges from 'foreign' licences. The FAA wish you to actually HOLD an FAA licence - so they just give you one, under FAR 61.75.....but, you can only have one of those "licence issued on the bais of..." if you do not already hold a full FAA licence in some other form.
The UK authorities (spit) automatically "Render valid" a foreign licence under Article 28 of the Air Navigation Order - but say someone has a full UK JAA CPL valid on MEP aircraft only - can they use the ICAO privileges of their foreign licence to rent an SEP (or vice-versa)?
I *have* seen the FAA rule in print - never seen the JAA question, so I doubt there is a legal precedence.
That's why I think the question is for owners/operators - would you rent your SEP to a JAA CPL/ME and allow them to use ICAO privileges to fly it?