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Fordham International Law Journal

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This Note argues that the British decision in In re an Inquiry Under the Company Securities (Insider Dealing) Act 1985 (Warner) has impaired British investigatory efforts in securities fraud cases and hampered future American requests for information under the MOU. Part I of this Note discusses the MOU and the events attending its passage. Part II analyzes the Warner decision and discusses relevant British and American regulatory procedures. Part III examines the MOU's flaws and presents an alternative that would assure the obligation of both British and American Authorities to investigate and to comply with the MOU.