This is indeed a welcome change. For those in HK who have maintained a UK issued licence this negates the need to do 1. official training course, 2. All the exams again.
Is there anyone reading this who has let their UK issued ATPL lapse? I find myself in this situation, and am currently trying to find out what dispensations may be available to get a new licence issued. My UK ATPL ran out in 2009 (thought I would never need it again) and to get a new one from Gatwick requires ALL the exams to be taken again as well as a training course from and approved ATO.
I will need to fight to get a dispensation for this, in the same way as the guys from Emirates fought to get the above dispensation added to CAP 804. I see no difference.. IR/licence when dealing with those who have been flying continually on an ICAO licence in the interim. I would be happy to hear from anyone in the same situation as many voices are better than 1 when dealing with the CAA.