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The increasing use of Non-and Deferred Prosecution Agreements (" N/DPAs")'has enabled federal prosecutors to incrementally expand their traditional role, exemplifying a shift in prosecutorial culture from an ex-post focus on punishment to an ex-ante emphasis on compliance. 2 N/DPAs often entail significant corporate governance changes such as mandating new board members or new management, changes in internal controls, updated compliance programs, or additional self-reporting obligations, among others. 3 Through the increasing use of N/DPAs, prosecutors are in effect reforming corporate America by changing the governance of leading public corporations and entire industries. The evaluation of issues pertaining to the effect of N/DPAs on corporate governance in prior studies is largely based on anecdotal evidence and valuable case studies. 4 To assess legitimacy concerns and provide guidance for …