Originally Posted by Gillegan

The details of said exemption differ from country to country. In the U.K., if you qualify for the exemption, it will only qualify you to fly U.K. registered aircraft. To have the restriction removed from your license, you would need to complete the remaining 13 written tests. The current JAR's allow a specific countries' regulator some discretion in validating your current license for one year in which time you need to complete the written exams.

As TP said, specific regulatons to harmonize the licensing requirements are due shortly. According to the licensing types at the U.K. CAA, they have no idea what is coming and it may make license conversion easier or harder than at present.