On March 17, 2026, the California Department of Financial Protection and Innovation (DFPI) announced that it has temporarily suspended implementation and enforcement of the Fair Investment Practices by Venture Capital Companies Law (FIPVCC), the new statutory framework that would require venture capital firms and certain other private investment vehicles with a California nexus to collect and report, on an anonymized basis, certain aggregated demographic information of their portfolio companies’ founding teams on an annual basis.
The DFPI plans to initiate rulemaking later this year in response to comments it has received on the FIPVCC and intends to reinstate implementation and enforcement of the FIPVCC once the rulemaking is completed and final regulations are in place. As a result, covered entities under the FIPVCC are not required to submit registrations or file reports by the April 1, 2026 deadline. The DFPI has not announced a new reporting deadline.
We will continue to monitor the FIPVCC closely. For any questions regarding the FIPVCC, please reach out to either of the authors of this update or your regular contact at WilmerHale.
