Under California’s Fair Investment Practices by Venture Capital Companies Law (the FIPVCC), venture capital funds with a nexus to California (Covered Entities) will be required to register with the California Department of Financial Protection & Innovation (the DFPI) starting in March 2026 and report demographic information about their portfolio companies to the DFPI starting in April 2026. The purpose of the FIPVCC is to increase transparency regarding the demographics of the founding teams of the portfolio companies in which Covered Entities invest.

Recent developments at the federal legislative and regulatory levels signal a significant shift toward greater transparency requirements in the pharmacy benefit management (PBM) industry.

Recent developments suggest a potential inflection point in the proxy advisory landscape. JPMorgan Chase & Co.’s decision to discontinue the use of proxy advisory firms in favor of an internal, AI-driven voting platform, combined with escalating regulatory, legislative, and enforcement activity targeting the industry, signals heightened scrutiny of the role and influence of proxy advisors in U.S. capital markets. In this alert, we examine JPMorgan’s move, the broader regulatory and political backdrop, and what these developments may mean for plan fiduciaries, asset managers, and public companies navigating proxy voting and governance decisions in a rapidly evolving environment.