Essentially, if you have all the requirements for a full EASA ATPL including a type rating on a multi-pilot aircraft AND hold a current and valid ICAO ATPL you are exempt approved training for the theory but still need to pass all 14 exams.
If you fall short of the full requirements it then follows you are going to have an EASA CPL issued, not an ATPL. The CAA say that exemption from full approval in this situation is on a case by case basis, each case to be submitted to the CAA by the FTO.