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California DPFI Suspends Implementation, Enforcement of State’s New Investor Law

By Emily Ladd-Kravitz, Babak Nikravesh, Daniel Wu & Rachel Edwards on March 19, 2026
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On March 17, 2026, the California Department of Financial Protection and Innovation (DPFI) announced it would suspend implementation of the California Fair Investment Practices by Venture Capital Companies Act (the FIPVCC, Cal. Corp. Code § 27500 et seq.).

Link to Click here to read the full GT Alert. Click here to read the full GT Alert.

Photo of Emily Ladd-Kravitz Emily Ladd-Kravitz

Emily Ladd-Kravitz focuses her practice on complex corporate transactions and representation of private companies in all stages of their life cycle. She represents venture capital funds, private equity firms, other institutional investors and companies in connection with a wide variety of corporate and…

Emily Ladd-Kravitz focuses her practice on complex corporate transactions and representation of private companies in all stages of their life cycle. She represents venture capital funds, private equity firms, other institutional investors and companies in connection with a wide variety of corporate and transactional matters, including mergers and acquisitions, private placements, minority investments, venture capital financings and corporate governance matters. She also advises start-up and growth-stage companies in all industries, including technology, edtech, medical device, clean energy, sustainable solutions and life sciences.

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Photo of Babak Nikravesh Babak Nikravesh

Babak Nikravesh focuses his practice on investment transactions and international tax planning. He advises institutional investors, including sovereign wealth funds, public sector pension funds, social security funds, and other global organizations, on investments in the United States and abroad. He structures inbound and…

Babak Nikravesh focuses his practice on investment transactions and international tax planning. He advises institutional investors, including sovereign wealth funds, public sector pension funds, social security funds, and other global organizations, on investments in the United States and abroad. He structures inbound and outbound investment transactions across diverse asset classes, including funds, co-investments, and direct investments in private equity, infrastructure, venture capital, private credit, and real estate, and works closely with sponsors and managers of investment funds on formation, operational matters, and investments. He also works closely with universities and endowments on their cross-border activities, and advises both investors and operators in the commercial space industry.

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Photo of Daniel Wu Daniel Wu

Dan Wu represents emerging growth companies at all stages, and the venture capital and private equity firms and strategic investors that finance them. His work with companies spans the entire corporate life cycle, including advising on formation, governance, financings, commercial arrangements, joint ventures…

Dan Wu represents emerging growth companies at all stages, and the venture capital and private equity firms and strategic investors that finance them. His work with companies spans the entire corporate life cycle, including advising on formation, governance, financings, commercial arrangements, joint ventures, and mergers and acquisitions. He closely works with companies in the space and defense and frontier tech industries as well as consumer internet, digital media, software-as-a-service (SaaS), e-commerce, fintech, video games, and digital assets/Web3.

For companies, Dan guides strategic decisions before incorporation, provides day-to-day corporate counseling, and handles venture capital financings. He negotiates commercial contracts and joint ventures, and advises on acquisitions and capital markets transactions.

Dan also represents venture capital and private equity firms and strategic investors in venture financings and M&A. Over his career, he has advised companies, investors, buyers, and sellers in hundreds of venture capital and M&A transactions with an aggregate value exceeding US$10 billion. He previously worked in mergers and acquisitions at a global investment bank.

Dan’s clients have been funded by investors such as Andreessen Horowitz, Lux Capital, Point72, Upfront Ventures, 8VC, Mac Venture Capital, General Catalyst, First Round, Mayfield, Kakao Ventures, Initialized Capital, 776, Y Combinator, Techstars, 500 Startups, Idealab and Mucker.

He has presented on venture financing, startup legal practices, and technology industry topics at events such as Techstars, USC Demo Day, 4YFN Summit, and programs hosted by accelerators and investors.

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Photo of Rachel Edwards Rachel Edwards

Rachel C. Edwards is a member of the Corporate Practice in Greenberg’s San Diego office and represents private clients in a variety of corporate and securities matters with a focus on ongoing securities compliance and reporting obligations under the Investment Company Act of…

Rachel C. Edwards is a member of the Corporate Practice in Greenberg’s San Diego office and represents private clients in a variety of corporate and securities matters with a focus on ongoing securities compliance and reporting obligations under the Investment Company Act of 1940, corporate governance, and general transactional matters. Rachel has experience representing federally and state registered investment advisers, exempt reporting advisers, broker-dealers and private funds, providing guidance on formation and registration, corporate securities matters, and ongoing SEC and state-based compliance.

Rachel’s corporate practice also extends to counseling startup and private companies throughout their life cycle, including guiding clients through the formation process, managing their capitalization tables, assisting with seed and preferred stock financings, preparing and filing state securities filings, and advising clients with day-to-day corporate governance. Rachel has also helped clients navigate complex financings, including Regulation A, Regulation “CF” crowdfunding, and Regulation D offerings.

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  • Posted in:
    Banking, Finance and Securities
  • Blog:
    Financial Services Observer
  • Organization:
    Greenberg Traurig, LLP
  • Article: View Original Source

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