Ignoring derogation for a moment, does this mean that, with a JAA (not yet EASA) ATPL and FAA ATP, I could fly a Challenger (say) in Europe by getting it on my FAA lic without needing it on my JAA/EASA as long as it was N-reg? What if the aircraft was Manx-reg but flown on the FAA lic validation?
In the real World, I guess there would be no reason why anyone would choose NOT to put the rating on both. However, with some of the more obscure types, it might be hard to get the type on a European ATPL. Certainly one of the types on my FAA would be very tricky.
Well spotted!