California has been extremely tough, but also extremely fair, with transitioning SEC investment advisers. The thoroughness of those individuals tasked with reviewing application material has been impressive. Don’t get me wrong, dealing with California is a pain in the behind, but compared to the ridiculous requests and incompetence of some other states, it is a pleasure to deal with a group of people who know what they are doing.
Having said that, California really needs to lighten up a bit!