Legislation introducing Deferred Prosecution Agreements (DPAs) was given Royal Assent on 25 April 2013. They are set to come in force in early 2014. The DPP and the SFO will have the power to enter into DPAs for a range of offences including conspiracy to defraud, cheating the public revenue and statutory offences covering fraud, bribery, VAT, money laundering and theft. They apply solely to corporates, and not individual defendants. The UK DPA differs from the US model in that they require a greater degree of judicial oversight. Guidance will be published setting out firstly, when a DPA should apply and secondly, how material acquired by prosecutors during the course of negotiations will be used. The impact of DPAs in the US has been subject to some criticism and it will be interesting to see whether they will be effective in the UK system. Corporates will need to consider the implications of a DPA carefully. A self-reporting company may find itself in a vulnerable position in the event of a DPA being rejected by the court, leaving it (and/or senior company officers) liable to prosecution and criminal penalties.