iStockAnalyst – California currently has an exemption from the registration requirements for certain fund managers with more than $25M of AUM (Rule 260.204.9). Back in March California requested input from the investment management community on how they might change the registration requirements when the SEC finalizes its IA registration rules as a result of the Dodd-Frank act. At that time it was expected that the SEC would finalize its IA registration rules in time for managers to register before the July 21, 2011 registration deadline.
However, the SEC subsequently indicated that it would likely extend the registration deadline until the first quarter of 2012. From this story by IA Watch, it looks like the Division of Investment Management is moving closer to officially moving the registration deadline to next year.