On 24 April 2024, the Serious Fraud Office (SFO) published new guidance for determining when a corporate will be invited to negotiate a Deferred Prosecution Agreement (DPA) as an alternative to prosecution for suspected corporate criminal offending.

The guidance emphasises the importance of self-reporting to the SFO, and reaffirms the SFO’s commitment to running an efficient investigation process.

In summary, there are three key changes:

• First, the guidance seeks to encourage self-reporting (which has reportedly reduced in recent years) by providing companies that self-report and/or provide ‘full and genuine’ cooperation with an opportunity to enter into DPA negotiations (subject to exceptional circumstances).

• Second, where an entity fails to self-report, the guidance provides that entities may be still invited to negotiate a DPA where they have provided ‘exemplary’ cooperation. This includes, for instance, engaging with the SFO in advance of any internal investigations steps that could prejudice the SFO’s investigation, presenting facts on suspected criminal conduct and/or preserving and identifying all relevant material to the SFO.

• Third, the guidance reaffirms the SFO’s commitment to undertaking prompt investigations by providing timeframes for their process. For instance, the SFO will contact a self-reporting entity within 24 hours, decide within six months of a self-report whether to open an investigation, undertake the investigation ‘reasonably quickly’ and conclude DPA negotiations within six months of the invitation.

The Guidance is helpful for understanding the SFO’s expectations of, and approach to, entities who self-report, and the trade-off that those entities can expect in return.

Read the full guidance here.