From 1st July 2014, AXELOS, the joint venture company that has taken over responsibility for the PRINCE2 credential, will recognise the PMP and CAPM qualifications as acceptable alternatives to the PRINCE2 Foundation qualification.
Previously, passing the PRINCE2 Foundation qualification was a mandatory requirement for sitting the Practitioner level exam (although most people did both exams on the same day). From July AXELOS will recognise qualifications awarded to Practitioner candidates by the Project Management Institute (PMI) and the International Project Management Association (IPMA).
The Foundation qualification is a relatively straightforward 75 question multi-choice exam with a 50% pass mark so whilst welcome, this concession by AXELOS does not in any way suggest equivalence between the qualifications.
For more on the various project management certifications available see: http://www.mosaicprojects.com.au/PDF_Papers/P138_PM_Credentials_Aus.pdf