In February 2026, in United States v. Heppner, the US District Court for the Southern District of New York held that documents generated by a defendant through the publicly-available GenAI tool Claude were not protected by attorney‑client privilege or the work-product doctrine and could be produced.

As the conflict in Iran continues, there have been significant impacts on energy markets, supply chains, financing and risk management, with flow on effects across many sectors in the Australian economy.

Dentons has advised Evolution Equity Partners as lead investor in a $600 million Series G financing for Cyera. The financing brings the AI and data security company’s valuation to $12 billion.

For states, local communities, developers, investors, and economic development professionals across the country, the summer of 2026 is a consequential window for projects intending to capitalize on the Opportunity Zone (OZ) program as part of their financing stack.

Alberta’s changes to the AB Act (as well as the related Public Works Act, which will now have its own prompt payment and adjudication regime, applicable to public works projects).

The Federal Prompt Payment for Construction Work Act (“Act”) , which came into force on December 9, 2023, establishes a uniform, mandatory framework for timely payment and rapid dispute resolution on construction projects carried out on federal lands.

United Kingdom: In its recent judgment in Deckers UK Limited v Up & Running (UK) Limited, the Court of Appeal (CoA) unanimously overturned the Competition Appeal Tribunal's decision that Deckers, the manufacturer of HOKA-branded running shoes, had infringed UK competition law through selective distribution restrictions imposed on one of its authorised retailers. The CoA's judgment is important for businesses operating and involved in selective distribution systems, particularly for those in the retail, luxury fashion and consumer sectors, as it clarifies the framework for assessing whether a restriction on a distributor or retailer may fall foul of UK competition law.

GCC: In our earlier article, "Private credit in the GCC: where flexible capital solutions matter most", we explored some of the key reasons why borrowers, sponsors and investors continue to gravitate toward private credit, particularly in situations where speed, structuring flexibility, long-term capital and execution certainty are important considerations.

On June 2, 2026, the White House issued an Executive Order titled “Promoting Advanced Artificial Intelligence Innovation and Security.”

Investments, management and reporting

On 9 June 2026, the Department for Business and Trade (DBT) issued a Written Statement to Parliament regarding plans to implement changes to the annual accounts filing regime following reforms introduced by the Economic Crime and Corporate Transparency Act 2023 (ECCTA).

Regulator activity

This article focuses predominantly on developments related to listed funds and my colleague, Joshua Tod, covers the private funds market below.

The period from November 2025 through May 2026 represents a fundamental reorientation of the US regulatory landscape for asset managers, SEC-registered investment advisers (RIAs), including private fund advisers, and CFTC-registered commodity pool operators (CPOs) and commodity trading advisors (CTAs).

On April 30, 2026, the FCA published Policy Statement PS26/7, Progressing Fund Tokenisation, finalizing new rules and guidance that bring tokenized authorized funds firmly within the UK regulatory perimeter.

2026 has opened against a backdrop of continued uncertainty for the private funds market.

The Middle East fund management landscape is undergoing significant regulatory evolution.

In April 2026, the Financial Conduct Authority (FCA) published Policy Statement PS26/5: Changes to the UK Short Selling Regime (PS26/5), setting out its final rules and Statement of Policy following an earlier consultation.

In recent months, China has rolled out a series of significant regulatory initiatives across its asset management industry, spanning commercial real estate investment trusts (REITs), futures market access, real-world asset (RWA) tokenization, short-swing trading rules, and mutual fund reforms.

Welcome to the fifth issue of Global Asset Management Review.