From the Editor...

Did your fund CCO get a raise last year?

If so, she or he is not alone. According to the latest data from Management Practice Inc., CCOs took home more than 7% more, on average, in 2017 than they did the year prior. That is a considerably bigger jump than CCOs saw in 2016. MPI shared the results of its 13th annual Survey of Mutual Fund Chief Compliance Officer Compensation and Organizational Practices with us, providing insight for readers on which segments of the market saw the biggest—and smallest—increases in pay, what comprises CCOs' compensation packages, and other key findings. If you haven't read the story yet, make time. 

How does your board conduct self-assessments?

There are a variety of approaches to this annual exercise and strong opinions on what is the best approach. We asked independent directors to weigh in on the topic for our latest 10 Things feature, and we came away with a good perspective on what many boards consider important elements to the process. We hope this—like all our 10 Things lists—is helpful as you evaluate how your board handles this responsibility.

Do you oversee exchange-traded funds?

The Securities and Exchange Commission at the end of June adopted amendments to its liquidity-related disclosure requirements for certain open-end funds and proposed rules to streamline the process of bringing ETFs to market. "The proposed rule would cover most ETFs operating today and all similar ETFs that sponsors may seek to launch in the future," SEC Chairman Jay Clayton said before the June 28 open meeting. "To achieve that consistent, transparent, and efficient regulatory regime, the proposal would rescind the existing exemptive orders granted to eligible ETFs. This would level the playing field across those ETFs, and—because the conditions of the proposed rule are generally consistent with the conditions of our exemptive orders—would do so without placing a significant burden on existing ETFs to comply with the proposed rule." We're watching this closely to see how it develops, and initial reactions are positive. 

No more questions...We'll just point out that other notable stories in the past couple weeks include an in-depth look at the ruling in the BlackRock 36(b) case, which narrowly survived summary judgment; an Added Perspective piece on political and social issues in the boardroom; and our annual summer reading list for directors to consider. 

Enjoy the dog days while they last.

For now,

Hillary Jackson, founding editor