VCC Reporting Program

The California Department of Financial Protection and Innovation (DFPI) has announced that it plans to initiate rulemaking in response to comments by various stakeholders relating to the Fair Investment Practices by Venture Capital Companies Law (FIPVCC).

Implementation and enforcement of the FIPVCC will be suspended pending completion of the rulemaking and until final regulations are in place. DFPI will not require covered entities to submit further registrations or file reports by the April 1, 2026, deadline.

The DFPI will begin the rulemaking process later this year to craft statewide regulations for the law with the goal of promoting clarity, collaboration, and transparency. To maximize stakeholder engagement, the DFPI will seek input from venture capital companies, industry associations, founders, investors, and other relevant parties over the next few months before beginning formal rulemaking. The DFPI will notify registrants and subscribers when that occurs. Once initiated, formal rulemaking must be completed within one year.

This approach will ensure that the regulations adopted are clear, practical, and effective in achieving the objectives of the law. 

Please continue to monitor communication from the DFPI regarding specific timings and opportunities to provide comments.