what?!

From the Notice of Proposed Rulemaking, in the Federal Register Today:

The amendment to § 61.71(c) would
not only provide the legal basis for
expansion of the FAA–TCCA BASA/
IPL, but would also allow similar
BASA/IPL arrangements with other
ICAO Contracting States, as determined
by the Administrator in the interest of
safety. Therefore, the FAA revises
§ 61.71 to allow holders of foreign pilot
licenses to convert to U.S. pilot
certificates where the U.S. Government
and the foreign government have
concluded a BASA and associated IPL.

See the Whole Enchilada.