I am absolutely flabbergasted with the process for mutual fund registration. When I filed the initial paperwork in mid December 2010, I had hoped to be up and running by late spring or early summer. It is now 10 months later, and we are still in the process.
I just emailed a peer, who filed his initial paperwork with the SEC in April 2011 (4 months after me), and he was approved 2 months ago.
My level of frustration is incredible.