When the EU introduced its anti-circumvention tool in 2023, few expected the first target to be the Kyrgyz Republic — a landlocked Central Asian economy with a GDP smaller than that of most European cities.

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.

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.

DC arrangements and reporting

Norton Rose Fulbright has been recognized as a leading law firm in 42 national practice areas in the 2026 edition of The Legal 500 United States, including five Tier 1 rankings.

Norton Rose Fulbright has released its 2026 Annual Litigation Trends Survey: A midyear industry pulse, analyzing litigation trends across key industries.

A new final rule revises the federal independent dispute resolution process established under the NSA to resolve out-of-network payment disputes between payors and providers of emergency services.

We are proud to announce that 32 lawyers from our Paris office have been recognized in the 2027 edition of “Best Lawyers in France”.