EASA's interpretation of Article 8(2) means that the ICAO licence, rating, or certificate needs to be current at the point of application.
An interpretation I would fully endorse.
Flight Instructor Rating (A) or (H) holder to Part-FCL FI (A) or (H) Certificate
"Current" and "Valid" would be superfluous adjectives.
Someone with an expired Rating does not hold a Rating, they simply hold a souvenir of a qualification they once possessed.