31.10.2008 Official Journal of the European Union L 293/3 REGULATION (EC) No 1008/2008 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 24 September 2008 on common rules for the operation of air services in the Community (Recast) (Text with EEA relevance) THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Commu- nity, and in particular Article 80(2) thereof, Having regard to the proposal from the Commission, Having regard to the opinion of the European Economic and Social Committee (1), Having regard to the opinion of the Committee of the Regions (%), Acting in accordance with the procedure laid down in Article 251 of the Treaty (°), Whereas: A number of substantial changes are to be made to Council Regulations (EEC) No 2407/92 of 23 July 1992 on licensing of air carriers (*), (EEC) No 2408/92 of 23 July 1992 on access of Community air carriers to intra- Community air routes (°), and (EEC) No 2409/92 of 23 July 1992 on fares and rates for air services (°). In the interests of clarity, these Regulations should be recast and consolidated into one single Regulation. In order to ensure a more efficient and consistent application of Community legislation for the internal aviation market a series of adjustments to the current legal framework is required. Recognising the potential link between the financial health of an air carrier and safety, more stringent monitoring of the financial situation of air carriers should be established. 0J C 175, 27.7.2007, p. 85. OJ C 305, 15.12.2007, p. 11. Opinion of European Parliament of 11 July 2007 (O] C 175 E, 10.7.2008, p. 371), Council Common Position of 18 April 2008 (O] C 129 E, 27.5.2008, p. 1) and Position of the European Parliament of 9 July 2008 (not yet published in the Official Journal). OJ L 240, 24.8.1992, p. 1. OJ L 240, 24.8.1992, p. 8. OJ L 240, 24.8.1992, p. 15. 4) Given the growing importance of air carriers with operational bases in several Member States and the need to ensure the efficient supervision of these air carriers, the same Member State should be responsible for the oversight of the air operator certificate and of the operating licence. To ensure consistent monitoring of the compliance with the requirements of the operating licences of all Commu- nity air carriers, licensing authorities should carry out regular assessments of the air carriers’ financial situation. Therefore, the latter should provide sufficient information on their financial situation, especially in the first two years of their existence as these are particularly critical for the survival of an air carrier on the market. In order to avoid a distortion of competition arising from the different application of the rules at national level, it is necessary to reinforce the financial oversight of all Community air carriers by Member States. To reduce risks to passengers, Community air carriers failing to fulfil the requirements for maintaining a valid operating licence should not be allowed to continue operations. In such cases, the competent licensing authority should revoke or suspend the operating licence. According to Regulation (EC) No 785/2004 of the European Parliament and of the Council of 21 April 2004 on insurance requirements for air carriers and aircraft operators () an air carrier should be insured to cover liability in case of accidents with respect to passengers, cargo and third parties. Obligations should also be placed upon air carriers for insurance to cover liability in case of accidents with respect to mail. In order to avoid excessive recourse to lease agreements of aircraft registered in third countries, especially wet lease, these possibilities should only be allowed in exceptional circumstances, such as a lack of adequate aircraft on the Community market, and they should be strictly limited in time and fulfil safety standards equivalent to the safety rules of Community and national legislation. With respect to employees of a Community air carrier operating air services from an operational base outside the territory of the Member State where that Community air () OJ L 138, 30.4.2004, p. 1.