Deferred Prosecution Agreements (DPAs) were introduced in England and Wales in 2014 and five such agreements have been negotiated to date. Yet, DPAs have not been without controversy. There have been particular concerns relating to the lack of prosecutions brought against individuals; the necessity of self-reporting (and discounted penalties even absent a self-report); as well as the dearth of prosecutions against corporates who have not engaged with the DPA regime. Notwithstanding such concerns, however, DPAs evidently have strong support from Parliament, law enforcement and the judiciary. Against that backdrop, this chapter examines experiences to date in England and Wales. The chapter analyses the underlying purpose of the DPA regime; the approach in each of the Agreements negotiated to date; and what a ‘principled’ DPA regime might look like.