We also need to be very conscious of the backdooring of the regs by pining a flag of convenience to an aircraft and its crew.
Never a truer word spoken.
Unless the rules are applied equally to all operators, irrespective of the state of registry, we will simply see more local companies using "our Asian division" to operate arduous duties to and from Australian ports.
Lest you think that this then becomes someone else's problem, consider that the aircraft trying to intercept the PRM ILS alongside you is flown by a very tired crew, who may be more prone to mis-programming the AFS, or slow to react to a TCAS RA.
There is no point having a mandatory FRMS system unless it applies equally to all users of airspace.