We have always contended that it is far easier to register as an investment adviser with the SEC than it is with most any state. Counterintuitive though it may be, registration with the SEC requires the filing of ONLY two documents (e.g., the ADV Part 1 and Part 2A). When registering as an investment adviser with a state, you may be required to file multiple additional documents (e.g., financial statements, advisory agreements, compliance material, surety bonds, various affidavits). And not only that, but states actually look over your registration documents very carefully and will often request revisions. This rarely happens at the SEC level. A lot of transitioning SEC-registered advisers are now seeing how difficult and frustrating the state registration process actually is.