recentpopularlog in


« earlier   
Stakeholders not keen on EC’s reconfigurable radio systems proposal | PolicyTracker: Mar 2019
"A European Commission (EC) proposal to ensure that software uploaded onto radio equipment doesn't harm spectrum access, interoperability, safety or access to emergency services has drawn a mostly negative reaction from stakeholders who fear the rule could stifle innovation and competition. The EC said in its initial impact assessment that it is mulling a regulation on reconfigurable radio systems (RRS) under the EU Radio Equipment Directive (RED)."

"The EC laid out five options:

maintain the current situation in which device makers aren’t required to implement any specific measures (Option 0)
industry self-regulation to ensure that software doesn’t compromise initial compliance (Option 1)
adopt a regulation under Article 4 of the RED to require that manufacturers of radio equipment, or of software allowing radio equipment to be used as intended, inform member states and the EC about how the intended combination will comply before the software can be uploaded (Option 2)
adopt a regulation under Article 3(3)(i) of the RED to require that radio equipment support certain features in order to ensure that software can only be uploaded into it where the compliance of the combination of the equipment and software has been demonstrated for the purposes of market access (Option 3)
adopt a regulation requiring that both Options 2 and 3 be demonstrated before equipment is allowed on the market (Option 4).

"The 276 feedback messages received showed strong opposition to any option but doing nothing or allowing industry self-regulation."
PolicyTracker  SDR  EC  EuropeanCommission  spectrum  regulation 
12 hours ago by pierredv
Why further financial crises are inevitable
March 19, 2019 | Financial Times | Martin Wolf.

We learnt this month that the US Fed had decided not to raise the countercyclical capital buffer required of banks above its current level of zero, even though the US economy is at a cyclical peak. It also removed “qualitative” grades from its stress tests for American banks, though not for foreign ones. Finally, the Financial Stability Oversight Council, led by Steven Mnuchin, US Treasury secretary, removed the last insurer from its list of “too big to fail” institutions.

These decisions may not endanger the stability of the financial system. But they show that financial regulation is procyclical: it is loosened when it should be tightened and tightened when it should be loosened. We do, in fact, learn from history — and then we forget.....Regulation of banks has tightened since the financial crises of 2007-12. Capital and liquidity requirements are stricter, the “stress test” regime is quite demanding, and efforts have been made to end “too big to fail” by developing the idea of orderly “resolution” of large and complex financial institutions.....Yet complacency is unjustified. Banks remain highly leveraged institutions.....history demonstrates the procyclicality of regulation. Again and again, regulation is relaxed during a boom: indeed, the deregulation often fuels that boom. Then, when the damage has been done and disillusionment sets in, it is tightened again........We can see four reasons why this tends to happen: economic, ideological, political and merely human.

* Economic
Over time the financial system evolves. There is a tendency for risk to migrate out of the best regulated parts of the system to less well regulated parts. Even if regulators have the power and will to keep up, the financial innovation that so often accompanies this makes it hard to do so. The global financial system is complex and adaptable. It is also run by highly motivated people. It is hard for regulators to catch up with the evolution of what we now call “shadow banking”.

* Ideological
the tendency to view this complex system through a simplistic lens. The more powerful the ideology of free markets, the more the authority and power of regulators will tend to erode. Naturally, public confidence in this ideology tends to be strong in booms and weak in busts.

* Political

the financial system controls vast resources and can exert huge influence. In the 2018 US electoral cycle, finance, insurance and real estate (three intertwined sectors) were the largest contributors, covering one-seventh of the total cost. This is a superb example of Mancur Olson’s Logic of Collective Action: concentrated interests override the general one. This is much less true in times of crisis, when the public is enraged and wants to punish bankers. But it is true, again, in normal times.

Borderline or even blatant corruption also emerges: politicians may even demand a share in the wealth created in booms. Since politicians ultimately control regulators, the consequences for the latter, even if they are honest and diligent, are evident.

A significant aspect of the politics is closely linked to regulatory arbitrage: international competition. One jurisdiction tries to attract financial business via “light-touch” regulation; others then follow. This is frequently because their own financiers and financial centres complain bitterly. It is hard to resist the argument that foreigners are cheating.

* Human
There is a human tendency to dismiss long-ago events as irrelevant, to believe This Time is Different and ignore what is not under one’s nose. Much of this can be summarised as “disaster myopia”. The public gives irresponsible policymakers the benefit of the doubt and enjoys the boom. Over time, regulation degrades, as the forces against it strengthen and those in its favour corrode.

The cumulative effect of these efforts is quite clear: regulations erode and that erosion will be exported. This has happened before and will do so again. This time, too, is not different.
boom-to-bust  bubbles  complacency  corruption  disaster_myopia  entrenched_interests  economic_downturn  financiers  financial_regulation  financial_system  historical_amnesia  Mancur_Olson  Martin_Wolf  policymakers  politicians  politics  procyclicality  regulatory_arbitrage  regulation  regulators  This_Time_is_Different  U.S._Federal_Reserve  stress-tests 
yesterday by jerryking
Boeing: US orders review of 737 Max licence to fly - BBC News
The US government has ordered a review of the way Boeing's 737 Max aircraft got its licence to fly.

It comes after two crashes in five months, amid suggestions from experts that there were "clear similarities" between the disasters.

Transport secretary Elaine Chao has asked the US inspector general to audit the aircraft's certification process.

One focus of crash investigators has been the Max's anti-stall system, which Boeing says needs a software update.

In a memo to inspector general Calvin Scovel, Ms Chao said she wanted the review in order to "assist the Federal Aviation Administration [the regulator] in ensuring that its safety procedures are implemented effectively".

After the crash of the Ethiopian Airlines aircraft last week - which followed a Lion Air disaster in October - there were questions about why the FAA took so long to ground the 737 Max.
usa  regulation  business  boeing  boeing737  government  DeptOfTransportation  faa 
yesterday by jtyost2
Transportation Secretary Calls for Inquiry Into Boeing Jet Approval
The United States transportation secretary, Elaine Chao, on Tuesday asked her agency’s internal watchdog to conduct an audit of the Federal Aviation Administration’s certification of the Boeing 737 Max 8.

The F.A.A.’s approval of the 737 Max has come under scrutiny after the crash last week of an Ethiopian Airlines jet, the second deadly crash involving the aircraft in less than five months.

“Safety is the top priority of the department, and all of us are saddened by the fatalities resulting from the recent accidents involving two Boeing 737-Max 8 aircraft in Indonesia and Ethiopia,” she wrote in a memorandum to Calvin L. Scovel III, the inspector general for the Transportation Department.

Ms. Chao wrote that she was seeking the audit “to help inform the department’s decision-making and the public’s understanding, and to assist the F.A.A. in ensuring that its safety procedures are implemented effectively.”

The F.A.A. was slow to ground the 737 Max as safety regulators around the world took action in response to the crash in Ethiopia, and the agency is facing questions over its role in approving the plane as safe to fly in the first place. The F.A.A. certified the 737 Max 8 in 2017, and one concern after the plane’s grounding is the role that Boeing employees played in the certification process.

For decades, the F.A.A. has relied on outside experts known as designees to assist in certifying that aircraft meet safety standards. In 2005, the agency created a program through which manufacturers like Boeing could choose their own employees to act on behalf of the F.A.A. to help certify new aircraft.
faa  regulation  DeptOfTransportation  politics  safety  airline  airplane  boeing  boeing737  from instapaper
yesterday by jtyost2
Flawed analysis, failed oversight: How Boeing, FAA certified the suspect 737 MAX flight control system | The Seattle Times
The FAA, citing lack of funding and resources, has over the years delegated increasing authority to Boeing to take on more of the work of certifying the safety of its own airplanes.

Early on in certification of the 737 MAX, the FAA safety engineering team divided up the technical assessments that would be delegated to Boeing versus those they considered more critical and would be retained within the FAA.

But several FAA technical experts said in interviews that as certification proceeded, managers prodded them to speed the process. Development of the MAX was lagging nine months behind the rival Airbus A320neo. Time was of the essence for Boeing.

A former FAA safety engineer who was directly involved in certifying the MAX said that halfway through the certification process, “we were asked by management to re-evaluate what would be delegated. Management thought we had retained too much at the FAA.”

“There wasn’t a complete and proper review of the documents,” the former engineer added. “Review was rushed to reach certain certification dates.”

When time was too short for FAA technical staff to complete a review, sometimes managers either signed off on the documents themselves or delegated their review back to Boeing.
2 days ago by brycecovert
Ethiopians Say Flight Data From Doomed Jet Shows Similarities to Indonesian Flight That Crashed
Information from the data and voice recorders from an Ethiopian Airlines jet that crashed last weekend show similarities to an earlier crash of the same type of Boeing plane used by an Indonesian airline, Ethiopia’s transport ministry said.

A spokesman for the ministry would not say what the similarities were but added that details of the investigation would be revealed later.

Although the investigation of the latest crash is still in its early stages, there have already been indications that the Boeing 737 Max 8 used by Ethiopian Airlines may have had problems similar to those of the Indonesian plane, a Lion Air flight that crashed in October.

A malfunctioning software program aboard the Max 8 planes is a central focus of investigators. The software program, called M.C.A.S., was installed in the new Max 8 planes as a way of preventing stalls and worked by forcing the nose of the plane down.

In the Indonesian flight, there are indications that the system acted in error and that the pilots had trouble overriding the software’s actions. They ultimately lost their battle before the plane plunged into the sea.
ethiopia  business  boeing  airline  airplane  safety  boeing737  faa  regulation 
3 days ago by jtyost2
Boeing 737 Max aircraft grounded 'until May at least' - BBC News
All Boeing 737 Max 8 and 9 aircraft will remain grounded at least until May after the fatal Ethiopian Airlines crash on Sunday, the US Federal Aviation Administration (FAA) has said.

The aircraft will not fly until a software update can be tested and installed, the US regulator said.

Sunday's crash, shortly after take-off from Addis Ababa, killed 157 people from 35 nations.

It was the second crash involving a 737 Max in six months.

Some people have pointed to similarities between the incidents, with some experts citing satellite data and evidence from the crash scene as showing links between Sunday's disaster and October's crash in Indonesia of the Lion Air jet that killed 189 people.

US Representative Rick Larsen said the software upgrade would take a few weeks to complete, and installing it on all the aircraft would take "at least through April".

The FAA said on Wednesday that a software fix for the 737 Max that Boeing had been working on since the Lion Air crash would take months to complete.
boeing  business  Boeing737  airplane  airline  safety  regulation  faa 
4 days ago by jtyost2

Copy this bookmark:

to read