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.