Overview
- DFPI’s VCC Reporting Program site now provides the official founder survey, report template, and guidance, with the registration portal described as coming soon ahead of the March 1 deadline.
- The regime applies to venture capital companies with a California nexus, though unresolved terms such as “significant presence” and “significant operations” leave scope determinations uncertain and may reach out-of-state funds.
- Key dates: March 1, 2026 for DFPI registration and April 1, 2026 for the first aggregated, anonymized report covering 2025 investments.
- Covered managers must send DFPI’s standardized survey only after an investment is finalized and funded, founder participation is voluntary, responses must remain anonymous and aggregated, and firms must retain related records for at least five years.
- DFPI will publish submitted reports, and after a notice and roughly 60‑day cure period, late or missing filings can draw penalties of up to $5,000 per day, with higher sanctions possible for reckless or knowing violations.