The third package contains: a Regulation on fares and rates (Council Regulation (EEC) 2409/92, OJ L 240/92, p. 15) which replaces the previous regulation on the subject and substantially liberalizes fares and rates, subject to certain safeguard mechanisms; a Regulation on access (Council Regulation (EEC) 2408/92, OJ L 240/92, p. 8) which replaces the previous regulation on the subject and almost entirely liberalizes access within the Community, except with regard to cabotage (q.v.) and subject to certain other lesser qualifications; and a Regulation on air carrier licensing (Council Regulation (EEC) 2407/92, OJ L 240/92, p. 1), which contains provisions harmonizing air carrier licensing requirements, and enabling Community air carriers to exercise their right of establishment in other Member States, for he first time.