Things may be changing in the future, this is copied from the JAA website from the second amendment to JAR-FCL3 it is obviously what willbe in the upcoming ammendment to JAR-FCL1.
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JAR–FCL 3.015 Acceptance of licences,
.
(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 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 State may be converted to a JAR-FCL
licence with single-pilot aeroplane class/type
ratings by complying with the requirements
shown in Appendix 2 to JAR-FCL 1.015.]
[Amdt. 2, 01.06.02]
JAR-FCL 3.016 Credit given to a holder
of a licence issued by a
non-JAA Member State
[(a)] An applicant for a JAR-FCL licence and
IR, if applicable, already holding at least an
equivalent licence issued in accordance with ICAO
Annex 1 by a non-JAA State shall meet all the
requirements of JAR-FCL, except the requirements
of course duration, number of lessons and specific
training hours may be reduced.
The Authority may be guided as to the credits
to be granted on the basis of a recommendation
from an appropriate training organisation.
[(b) The holder of an ATPL(A) issued in
accordance with ICAO Annex 1 who meets the
1 500 flying experience requirements on multipilot
aeroplanes as PIC or co-pilot of Appendix 1
to JAR-FCL 1.015 may be exempted from the
requirements to undergo approved training prior to
undertaking the theoretical knowledge
examinations and the skill test, if that licence
contains a valid multi-pilot type rating for the
aeroplane to be used for the ATPL(A) skill test.]
[Amdt.1, 01.12.00; Amdt. 2, 01.06.02]